Securities code: 000587 securities abbreviation: * ST Jinzhou Announcement No.: 2021-134 Jinzhou Cihang Group Co.Ltd(000587)
Notice on completion of judicial auction of equity of subsidiaries
The company and all members of the board of directors guarantee that the contents of the announcement are true, accurate and complete without false records, misleading statements or major omissions.
Risk tips:
1. The subject matter of this auction is 100% equity of Dongguan Jinye jewelry, a subsidiary held by the company. The industrial and commercial change business after the auction is being handled. In the follow-up progress, the company will perform the obligation of information disclosure in accordance with relevant rules;
2. Since the court issued the execution ruling, Dongguan Jinye jewelry is no longer a wholly-owned subsidiary of the company. The scope of merger of the listed company and the impact of this auction on the company shall finally be subject to the audit report.
In March 2021, Huishang Bank Co., Ltd. Shenzhen Branch applied to the people’s Court of Shenzhen Qianhai cooperation zone (hereinafter referred to as “Qianhai court”) to auction 100% of the equity of Dongguan Jinye Jewelry Group Co., Ltd. (hereinafter referred to as “Dongguan Jinye jewelry”) held by Jinzhou Cihang Group Co.Ltd(000587) (hereinafter referred to as “company” or “Jinzhou Cihang”).
On December 23, 2021, the company received the execution ruling ((2021) Yue 0391 Zhihui No. 561-2) issued by Qianhai court. The details are as follows:
1、 The bidding results of this judicial auction and the main contents of the execution ruling
According to the execution ruling, Qianhai court auctioned the equity share of Dongguan Golden Leaf jewelry of 500 million held by the company through the judicial auction network platform of jd.com, and Shenzhen Grain Development Co., Ltd. (SOCIAL unified credit Code: 91440300ma5f6n451k) won it with RMB 1.3 million.
In accordance with paragraph 1 (11) of Article 154 of the Civil Procedure Law of the people’s Republic of China, Article 26 and paragraph 1 of Article 28 of the provisions of the Supreme People’s Court on auction and sale of property in civil execution of the people’s court, Qianhai court ruled as follows:
1. Lift the freeze on the equity share (100% equity) of 500 million yuan held by the company in Dongguan Golden Leaf jewelry, and the freezing case number is (2018) Jing 02 Zhi No. 910;
2. Transfer the equity share of 500 million yuan (100% equity) of Dongguan Golden Leaf jewelry held by the company to the name of Shenzhen Grain Development Co., Ltd.
This ruling shall take effect immediately upon service.
2、 Other information
1. The business of Dongguan Golden Leaf jewelry has basically stagnated and has suffered losses for years. As of September 30, 2021, the total assets, net assets and operating income of Dongguan Golden Leaf jewelry were 3971.5212 million yuan, -568.0264 million yuan and 9500 yuan respectively, The net profit of Dongguan Golden Leaf jewelry from January to September 2021 was -296554700 yuan (the financial data were not audited), accounting for 75.76%, – 168.12%, 0.002% and – 657.77% of the total assets, net assets, operating income and net profit of the listed company in the latest audit (2020).
The impact of Dongguan Golden Leaf jewelry equity auction on the financial situation of listed companies cannot be determined at present, and the specific amount of impact is finally subject to the audit report.
2. At present, the company’s main business is the sales of gold, jewelry and silver in Xiamen Jinzhou and Shanghai Jinye. The business of Dongguan Jinye jewelry is basically stagnant. This stripping will not affect the overall business structure of the company and is conducive to the healthy development of the company in the future.
3. This auction is a judicial compulsory disposal. As of September 30, 2021, the total assets of Dongguan Golden Leaf jewelry were 3971.5212 million yuan, Accounting for 75.76% of the total assets of the listed company in the latest audit (2020), this transaction is expected to constitute a major asset restructuring as stipulated in Article 12 of the administrative measures for major asset restructuring of listed companies (revised in 2020), and the company will perform the obligation of information disclosure in accordance with relevant regulations at that time.
3、 Documents for future reference
Execution ruling of the people’s Court of Shenzhen Qianhai cooperation zone.
Please make careful decisions and pay attention to investment risks.
The information disclosure media designated by the company are China Securities News, securities times, Shanghai Securities News and cninfo（ http://www.cn.info.com..cn. ）, the company’s information shall be subject to those published in the above designated media. It is hereby announced.
Jinzhou Cihang Group Co.Ltd(000587) board of directors
December 27, 2021
