Greenland Technologies terminates planned spin-off of drivetrain systems segment

Greenland Technologies Holding Corp.

Board unanimously approved termination of spin-off plan on June 28, 2024, reversing the February 14, 2024 announcement.
Decision based on due diligence review; spin-off deemed unlikely to generate significant value given changing market conditions.
Electric industrial vehicles and drivetrain systems segments will remain combined within Greenland Technologies.
Original spin-off aimed to create two independent publicly-traded companies via a distribution to shareholders.

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