MeiG Smart Technology has made an announcement stating that its board of directors has thoroughly evaluated and given the green light to a strategic proposal. This proposal entails discontinuing the 'R&D Center Construction Project' currently underway in Xi'an. Subsequently, the residual raised funds, amounting to RMB 44.353 million, will be rechanneled towards the '5G+AIoT Module and Solution Industrialization Project.'

In a broader strategic shift, this project will now be amalgamated and recalibrated to align with the 'AI R&D and Advanced Manufacturing Industry Project.' Consequently, the overall investment for this revamped project is set to escalate to RMB 571 million. Out of this total, a proposed sum of RMB 437 million will be sourced from the raised funds. Additionally, the timeline for the project's completion has been extended, with the new deadline set for December 2030.

It is important to note that this strategic proposal is still pending the requisite approval from the shareholders' meeting before it can be fully implemented.