Announcement on Major Progress of Auction and Disposal of Assets
The Company and the Board of Directors guarantee that the information disclosed is true, accurate, and complete, and contains no false records, misleading statements, or material omissions.
Important Information Prompt:
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The assets auctioned and disposed of in this instance are part of the Company's (formerly "Aoyuan Beauty Valley Technology Co., Ltd.", hereinafter referred to as "the Company") efforts to dispose of and divest related low-efficiency assets in accordance with the "Asset Management and Valuation Plan for the Restructuring Case of Aoyuan Beauty Valley Technology Co., Ltd."
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The assets to be auctioned and disposed of in this instance are the Company's 100% equity in its former wholly-owned subsidiary, Hubei Jinhuan New Materials Technology Co., Ltd. (hereinafter referred to as "Jinhuan New Materials"), and the Company's claims that are enjoyed during the divestment of the enterprise in the restructuring process, as well as claims that are difficult to recover or have excessively high recovery costs (hereinafter referred to as "auctioned assets"). These assets are divided into three asset packages for auction.
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According to the "Confirmation Letter of Online Bidding Results" released by JD Auction's Restructuring and Liquidation Platform, the assets sold in this auction are one of the three asset packages, including the Company's equity and claims in Jinhuan New Materials, as well as claims in Jinghan Green Innovation Xiangyang Cultural Industry Investment and Development Co., Ltd. (hereinafter referred to as "Jinghan Green Innovation").
I. Background of the Auction
On December 3, 2024, the Company received a "Decision" (No. (2024) E 06 Po Shen 48) from the Intermediate People's Court of Xiangyang City, Hubei Province (hereinafter referred to as "Xiangyang Intermediate Court"), deciding to initiate pre-restructuring for the Company. For details, please refer to the "Announcement on the Court's Decision to Initiate Pre-restructuring for the Company" disclosed by the Company on the Juchao Information Network (www.cninfo.com.cn, hereinafter referred to as "the same") on December 4, 2024.