SKF Group donates nearly 80 million B shares to Dalian Youth Development Foundation

On Feb 13, 2025, SKF Group, a well-known Swedish bearing manufacturer, signed a "Donation Agreement" with the Dalian Youth Development Foundation. According to this agreement, SKF will transfer approximately 79.3 million B shares of Wafangdian Bearing Co., Ltd. owned by it to the foundation free of charge, which accounts for approximately 19.70% of the total share capital of Wafangdian Bearing Co., Ltd.

In order for the donation to take effect, a series of non-transaction transfer procedures need to be completed, and there is a key condition: the Dalian Youth Development Foundation must successfully open a B-share account at China Securities Depository and Clearing Co., Ltd. before 24:00 on February 20, 2025. At present, the relevant parties are actively preparing the required documents to submit an application for approval. Once all procedures are successfully completed, the foundation will become the new holder of these 79.3 million B shares, accounting for 19.70% of the total share capital of Wafangdian Bearing Co., Ltd.

Importantly, this change will not change the status of the current controlling shareholder and actual controller of Wafangdian Bearing Co., Ltd.. In addition, as of the time of the announcement, these donated shares have no rights and burdens, and the information disclosing party has no specific plan to increase or reduce these shares in the next year.

Through this generous donation, SKF Group not only strengthened its support for the growth of young people, but also further demonstrated its sense of responsibility for social welfare. This move is expected to provide strong financial support for promoting the development of local youth, while enhancing the corporate image and social responsibility.