The company and all members of the board of directors guarantee that the content of the information disclosure is true, accurate and complete, and there are no false records, misleading statements or major omissions. Recently, the company was informed of the "Implementation Notice" issued by the Xiamen Intermediate People's Court of Fujian Province to the subsidiary Xiamen Hualun Printing and Dyeing Co., Ltd. (hereinafter referred to as Xiamen Huayin) and Fujian Zhonghe Marketing Co., Ltd. (hereinafter referred to as Zhonghe Marketing). 2017) é—½02 Executive No. 420], “Implementation Case Notice†and “Reporting Property Orderâ€, and the “Implementation Notice†issued by the Chengdu Intermediate People’s Court of Sichuan Province to the subsidiary Xiamen Hualun Printing and Dyeing Co., Ltd. [(2017) Chuan 01 No. 1870], the above-mentioned cases and the verified cases involving the subsidiaries are as follows: 1. The case of Xiamen Hualun Printing and Dyeing Co., Ltd., Fujian Zhonghe Marketing Co., Ltd. and Industrial Bank Co., Ltd. Xiamen Branch On January 8th, 2015, the company Xiamen Huayin, Zhonghe Marketing and Industrial Bank Co., Ltd. Xiamen Branch signed the “Basic Credit Contract†[Xingyin Xiamen Xingye No. 20140626]. According to the credit contract, the basic credit is the highest. The principal amount is equivalent to RMB 70 million and is valid from January 8, 2015 to January 7, 2016. These borrowings are secured by Xiamen Huayin's plant and land use rights. Xu Jiancheng provides joint and several liability guarantees. At the same time, Xiamen Huayin and Zhonghe Marketing provide joint and several liability guarantees. After the loan under the above credit contract expired, due to the failure of the subsidiary Xiamen Huayin and Zhonghe Marketing to pay off the debts in time, the Xiamen Branch of Industrial Bank Co., Ltd. filed a lawsuit with the Xiamen Intermediate People's Court and seized the land of Xiamen Huayin. Subsidiaries Xiamen Huayin and Zhonghe Marketing did not perform their debts according to the judgment of the court. The Xiamen Branch of Industrial Bank Co., Ltd. applied to the court for enforcement, and the court has filed the case. As of the date of this announcement, the credit balance of the credit contract (and corresponding mortgage and guarantee contract) was RMB 69,937,700 (including Xiamen Huayin's RMB 34,384,200 and Zhonghe Marketing's RMB 34,498,500). II. Sichuan Wanrun Industrial Co., Ltd. and Xiamen Hualun Printing and Dyeing Co., Ltd. Co-investment Dispute Case In March 2014, the subsidiary Xiamen Huayin and Sichuan Wanrun Industrial Co., Ltd. signed a “Strategic Cooperation Agreementâ€, which is planned to cooperate in the development of Xiamen Huayin. The land held by Sichuan Wanrun Industrial Co., Ltd. and paid a total of 30 million yuan of sincerity to Xiamen Huayin. Afterwards, the two parties failed to reach a specific cooperative development plan for the project land. Sichuan Wanrun Industrial Co., Ltd. requested Xiamen Huayin to return it. In good faith and pay the capital occupation fee. As Xiamen Huayin failed to return the earnest money in time, Sichuan Wanrun Industrial Co., Ltd. filed a lawsuit with the Intermediate People's Court of Chengdu, Sichuan Province, and seized the land of Xiamen Huayin. After the court mediation (civil mediation book [(2015) Chengminchuzi No. 2055]), according to the civil mediation book, Xiamen Huayin and Xu Jiancheng should pay Sichuan Wanrun Industrial Co., Ltd. before October 30, 2015. A total of 8 million yuan and interest (of which Xiamen Huayin paid 2.5 million yuan and interest and assumed litigation costs of 131,899 yuan). However, the factor company did not fulfill its obligations according to the mediation book. Sichuan Wanrun Industrial Co., Ltd. applied for enforcement. In July 2017, the Chengdu Intermediate People's Court of Sichuan Province issued the “Notice of Implementation†[(2017) Sichuan 01 No. 1870], requesting The company Xiamen Huayin immediately fulfilled its obligations as determined by legal documents. III. Other litigation involved 1. Zhonghe Marketing and Agricultural Bank of Xiamen Branch Financial Loan Contract Dispute In December 2014, the subsidiary Zhonghe Marketing borrowed RMB 38.5 million from the Agricultural Bank of China Co., Ltd. Xiamen Branch, the company, Xiamen Hua Lun Printing and Dyeing Co., Ltd. and Xu Jinhe and Xu Jiancheng provided joint and several liability guarantees, and the loan was due in December 2015. After the loan expired, the Agricultural Bank of Xiamen Branch filed a lawsuit with the Xiamen Intermediate People's Court, and then mediation (Civil Mediation Paper [(2016)é—½02 Minchu 274]), but the factor company did not fulfill its obligations according to the mediation book, agriculture Bank Xiamen Branch applied for execution (Executive Notice [(2016)é—½02 No. 473]), Zhonghe Marketing and Company, Xiamen Hualun Printing and Dyeing Co., Ltd., and Xu Jinhe and Xu Jiancheng were all listed as untrustworthy executors . As of the date of this announcement, Zhonghe Marketing has a principal balance of RMB 18,500,900. 2. Changzhou Wanhui Textile Co., Ltd. and Xiamen Hualun Printing & Dyeing Co., Ltd. Sales Contract Dispute Case Xiamen Hualun Printing & Dyeing Co., Ltd. purchased various grey fabrics from Changzhou Wanhui Co., Ltd., because Wanhui Textile Co., Ltd. was dissatisfied with the payment progress and terminated the cooperation. And sued the Changzhou Xinbei District People's Court for Xiamen Hualun Printing and Dyeing Co., Ltd. to pay the purchase price of 2,822,698.19 yuan and interest, litigation fees and so on. According to the "Civil Ruling Book" issued by the court and the notice of assistance in execution [(2016) Su 0411, No. 4385, the beginning of the year), the property under the name of Xiamen Hualun Printing and Dyeing Co., Ltd. has been seized, and Changzhou Wanhui Textile Co., Ltd. has applied for compulsory carried out. 3. Wuxi Runxin Dyestuff Co., Ltd. and Xiamen Hualun Printing & Dyeing Co., Ltd. Sales Contract Dispute Case Xiamen Hualun Printing & Dyeing Co., Ltd. and Wuxi Runxin Dyestuff Co., Ltd. have many years of business cooperation. In April 2017, Wuxi Runxin Company went to Wuxi City, Jiangsu Province. The Yixing City Court filed a lawsuit (requiring Xiamen Huayin to pay the payment of 864,143 yuan and litigation fees) and applied for property preservation to the court. In May 2017, the Yixing City Court made a "Civil Ruling Book" [(2017) Su 0282 Min 5122] : Sealing and freezing the value property of 1 million yuan in Xiamen Huayin, the case is still under trial. IV. Impacts and Countermeasures According to the relevant ruling instruments, in the above-mentioned disputes involving loans and other disputes, the subsidiaries must bear the liquidated damages (or penalty interest, compound interest, etc.), which will have certain impact on the current profits and losses of the subsidiaries. The company and its subsidiaries will raise funds to return overdue loans and accounts payable as soon as possible through measures such as asset disposal and return of accounts receivable. V. Documents for reference 1. "Implementation Notice" [(2017) é—½ 02 Executive No. 420], "Implementation Case Notice" and "Reporting Property Order" and "Basic Credit Contract" [Xingyin Xia Xingye's amount 20140626 No.] and related mortgage, guarantee contract 2, civil mediation book [(2015) Chengminchuzi No. 2055] and "Implementation Notice" [(2017) Chuan 01 Executive No. 1870] 3. Civil mediation book [(2016)é—½02 Minchu No. 274] and the implementation notice [(2016) é—½02 473 No. 473] 4. "Civil Ruling Book" and assistance execution notice [(2016) Su 0411 Min 4385)] 5. Civil ruling Book" [(2017) Su 0282 Min 5122) hereby announced. Board of Directors of Fujian Zhonghe Co., Ltd. July 26, 2017
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