Dr.Peng Group Sells Submarine Cable Company named PLCN

Announced by Dr. Peng Group on February 21, its subsidiary planned to transfer 100% shares of Pacific Light Data Communication Co., Ltd to Meister United Limited and the Group won’t hold equity of PLDC after the transaction. According to Dr. Peng Group, considering the PLCN submarine cable project hasn’t been launched and based on its judgment of the current market and international situation, it aims to dispose of its asset deficit, optimize resource allocation and accelerate the fund flow through this transfer.