Business
UTime Limited Provides Update on Due Diligence Progress for Proposed Transaction with Feixiaohao
SHENZHEN, China, May 11, 2026 (GLOBE NEWSWIRE) -- UTime Limited (NASDAQ: WTO) (“UTime” or the “Company”), a company focused on technology innovation and digital infrastructure development, today announced that its ongoing financial, legal and operational due diligence relating to the proposed transaction with Feixiaohao Technology Inc. (“Feixiaohao”) is progressing smoothly and in an orderly manner. As previously disclosed, UTime entered into a non-binding letter of intent regarding a potential
About this update from Utime Limited
SHENZHEN, China, May 11, 2026 (GLOBE NEWSWIRE) -- UTime Limited (NASDAQ: WTO) (“UTime” or the “Company”), a company focused on technology innovation and digital infrastructure development, today announced that its ongoing financial, legal and operational due diligence relating to the proposed transaction with Feixiaohao Technology Inc. (“Feixiaohao”) is progressing smoothly and in an orderly manner. As previously disclosed, UTime entered into a non-binding letter of intent regarding a potential strategic transaction involving Feixiaohao, a widely recognized Web3 data and information platform serving millions of cryptocurrency and blockchain users globally. The Company believes that both parties have maintained active communication and coordination throughout the due diligence process. UTime and Feixiaohao are currently working closely with their respective advisors and professional teams to evaluate various aspects of the proposed transaction, including business integration opportunities, technology infrastructure, market expansion strategies and long-term development plans. Management of UTime believes that the proposed transaction could further strengthen the Company’s strategic positioning in the evolving Web3 and digital data infrastructure sector. The Company also believes that Feixiaohao’s established market presence, user base and industry resources may provide meaningful synergies with UTime’s future business initiatives. “We are pleased with the progress of the ongoing due diligence work and the constructive discussions between both parties,” said Hengcong Qiu, Chief Executive Officer of UTime Limited. “We believe this potential transaction represents an important strategic opportunity for UTime as we continue to explore expansion into innovative digital technology and Web3-related infrastructure businesses.” UTime emphasized that the proposed transaction remains subject to the completion of due diligence, negotiation and execution of definitive agreements, satisfaction of customary closing conditions and applicable regulatory approvals. There can be no assurance that any definitive agreement will be executed or that the proposed transaction will ultimately be completed. About UTime Limited Trading under the Nasdaq ticker WTO, UTime Limited is engaged in the design, development, production, sales and brand operation of mobile devices in China and...