Borqs shortlists buyers for second round of negotiations in HHE divestment

Borqs Technologies received multiple non-binding indications of interest for its stake in Holu Hou Energy and a selected group of potential buyers have been invited to participate in the second round of due diligence and negotiations for the complete divestment of the Company’s interest in HHE. As previously announced, the Company was mandated by CFIUS to divest its ownership in the solar energy storage subsidiary, HHE, due to national security concerns. Subsequently, Cantor Fitzgerald & Co. was engaged by the Company to initiate and manage the sales process of the Company’s ownership in HHE and has received considerable interest from potential buyers. The said transaction is on track to be finalized by the end of the year.