Announcement of Supplementary Notice on Asset Replacement and Related Transactions
Zhuhai Xinguang Group Co., Ltd. Board of Directors
The company and all members of the board guarantee the truthfulness, accuracy, and completeness of the announcement content and bear joint liability for any false records, misleading statements, or significant omissions.
On June 30 and July 15, 2003, the company signed the "Debt Settlement Agreement" and "Supplementary Agreement" with Shenzhen Luyou Industrial Development Co., Ltd. (hereinafter referred to as "Shenzhen Luyou") and Maiket Group Textile Co., Ltd. (hereinafter referred to as "Maiket Textile"). According to these two agreements, the debt of RMB 32.94 million originally owed by the major shareholder Shenzhen Luyou to the company will be settled by Maiket Textile through equity equivalent to 84.05% of the debt amount in Maiket Textile Nanjing Co., Ltd. (hereinafter referred to as "Maiket Nanjing"), as determined by the evaluation results.
This is a supplementary announcement to the "Announcement on Asset Replacement and Related Transactions" published on July 18, 2003:
Lianda Xintong Certified Public Accountants Co., Ltd. was entrusted to audit the assets of Maiket Nanjing, with the audit reference date being June 30, 2003. The audit results are as follows: total assets of RMB 31.06 million, total liabilities of RMB 5.114 million, net assets of RMB 25.95 million, main operating income of RMB 25.85 million, net profit for the first half of 2003 of RMB 0.66 million, and net profit for the year 2002 of RMB 1.87 million. The audit results are consistent with the evaluation results. The audited balance sheet and income statement are attached.
Maiket Nanjing completed the equity transfer procedures on September 9, 2003, and officially became a holding subsidiary of the company.
This announcement is hereby made.
Zhuhai Xinguang Group Co., Ltd. Board of Directors
September 22, 2003
Balance Sheet
As of June 30, 2003
Prepared by: Maiket Textile Nanjing Co., Ltd.
Unit: RMB Yuan