Securities code: 300256 securities abbreviation: Jiangxi Firstar Panel Technology Co.Ltd(300256) Announcement No.: 2022-018 Jiangxi Firstar Panel Technology Co.Ltd(300256)
Announcement on the progress of the company’s pre reorganization
The company and all members of the board of directors guarantee that the information disclosed is true, accurate and complete without false records, misleading statements or major omissions.
Jiangxi Firstar Panel Technology Co.Ltd(300256) (hereinafter referred to as “the company”) disclosed the announcement on the court’s decision to start the pre reorganization of the company and appoint the temporary manager during the pre reorganization period (Announcement No.: 2021-0094) on August 23, 2021. Jiangxi Pingxiang intermediate people’s Court (hereinafter referred to as “Pingxiang intermediate people’s court”) decided to start the pre reorganization of the company, And appoint the liquidation group as the temporary manager during the pre reorganization period of the company.
1、 Progress of pre reorganization
On February 15, 2022, the company received the letter of decision (2021) Gan 03 Po Shen No. 5 bis sent by Pingxiang intermediate people’s court. The specific contents are as follows:
“On February 14, 2022, the temporary administrator of Jiangxi Firstar Panel Technology Co.Ltd(300256) filed an application to the court, known as Jiangxi Firstar Panel Technology Co.Ltd(300256) (hereinafter referred to as Star Technology) There are many assets and the situation is complex. During the operation period, the asset liability situation has changed. It still needs time to carry out detailed investigation and verification on the assets and some debts of the listed company. At the same time, Xingxing technology has not obtained the examination opinions of the securities regulatory department on its entry into the reorganization procedure. In order to ensure the steady progress of Star Technology’s pre reorganization and reorganization application, and properly connect the review procedures of pre reorganization and reorganization application, we hereby apply for the extension of Star Technology’s pre reorganization period for three months.
The court believes that the reason for the delay proposed by the temporary manager is justified because there are many star technology assets, the situation is complex, and some debts have changed, and it still needs time to investigate and verify. In order to better connect the out of court reorganization and in court reorganization procedures of Xingxing technology, effectively safeguard the operating value of the enterprise, safeguard the legitimate rights and interests of creditors, and improve the effectiveness and effect of reorganization, it is decided to extend the pre reorganization period of Xingxing technology for three months, that is, from February 23, 2022 to May 22, 2022. “
2、 Risk tips
1. The net assets of the Company attributable to the shareholders of the listed company in 2020 are negative after retroactive restatement. According to the provisions of item 2 of article 10.3.1 of the Listing Rules of gem shares of Shenzhen Stock Exchange (revised in December 2020), the delisting risk warning of the company’s stock trading was implemented by Shenzhen Stock Exchange on August 24, 2021.
If the 2021 annual report indicates that the company touches any of the circumstances in paragraph 1 of article 10.3.10, Shenzhen Stock Exchange will terminate the listing and trading of the company’s shares; If the audit results of 2021 show that the company does not have any of the circumstances specified in Items 1 to 4 of paragraph 1 of article 10.3.10, according to article 10.3.6 of Shenzhen Stock Exchange GEM Listing Rules (revised in December 2020), the company may apply to Shenzhen stock exchange for cancellation of delisting risk warning, There is a major uncertainty whether the company can obtain the approval to cancel the delisting risk warning. Please pay attention to the investment risk.
2. On August 23, 2021, the company disclosed the announcement on the court’s decision to start the pre reorganization of the company and appoint the temporary manager during the pre reorganization period on cninfo. Pingxiang HSBC Investment Co., Ltd., the creditor of the company, applied to Pingxiang intermediate people’s court for the reorganization of the company, and Pingxiang intermediate people’s court decided to start the pre reorganization of the company, And appoint the liquidation group as the temporary manager during the pre reorganization period of the company. The decision of Pingxiang intermediate people’s court to start the pre reorganization of the company does not mean that Pingxiang intermediate people’s court finally accepts the reorganization application of the company, nor does it mean that the company officially enters the reorganization procedure. As of the disclosure date of this announcement, the company has not received the ruling of the court on the creditor’s application for company reorganization. There are still major uncertainties whether the creditor’s application is accepted by the court and whether the company enters the reorganization procedure. Please pay attention to investment risks. If the court formally accepts the reorganization application of the company, the company will cooperate with the court and the manager to carry out relevant reorganization work according to law, and perform the legal obligations of the debtor according to law. At the same time, according to item 7 of article 10.4.1 of the GEM Listing Rules of Shenzhen Stock Exchange (revised in December 2020), Shenzhen Stock Exchange will implement delisting risk warning for the superposition of the company’s shares. If the company successfully implements the reorganization and completes the reorganization plan, it will help to improve the company’s asset liability structure and restore its sustainable operation and profitability. Please pay attention to investment risks. If the court decides to accept the reorganization application of the company, the company will also have the risk of being declared bankrupt due to the failure of reorganization. If the company is declared bankrupt, according to Item 6 of article 10.4.17 of Shenzhen Stock Exchange GEM Listing Rules (revised in December 2020), the company’s shares will face the risk of delisting. Please pay attention to investment risks.
3. The company received the notice of filing a case from the CSRC on September 29, 2021. The CSRC decided to file a case against the company because the company was suspected of violating laws and regulations in information disclosure. As of the disclosure date of this announcement, the investigation of the CSRC is still in progress. According to the relevant provisions of the Shenzhen Stock Exchange GEM Listing Rules (revised in December 2020), if the company is subject to administrative punishment by the CSRC and is found to constitute a major Information Disclosure Violation, the company will touch the major Information Disclosure Violation specified in article 10.5.1 of the Shenzhen Stock Exchange GEM Listing Rules (revised in December 2020), There is a risk of forced delisting of the company’s shares. Please pay attention to investment risks.
4. The information disclosure media designated by the company are securities times, China Securities News, Shanghai Securities News, securities daily and cninfo（ http://www.cn.info.com.cn. ）, all information of the company shall be subject to the information disclosed in the above media. Please pay attention to investment risks.
3、 Documents for future reference
1. Decision [(2021) Gan 03 Po Shen No. 5 bis].
It is hereby announced.
Jiangxi Firstar Panel Technology Co.Ltd(300256) board of directors
February 16, 2022
