Stock Code: 000673
Stock Abbreviation: *ST Contemporary
Announcement Number: 2022-031
Notice on the Application for Pre-restructuring and Restructuring by Creditors
The board of directors of the company and all directors guarantee that the content of this announcement does not contain any false records, misleading statements, or major omissions, and bear individual and joint responsibility for the authenticity, accuracy, and completeness of its content.
Important Content Reminder:
- On May 13, 2022, Contemporary Oriental Investment Co., Ltd. (hereinafter referred to as "the Company") received a "Notice" from the Intermediate People's Court of Datong City (hereinafter referred to as "the Court"). Creditor Hu Chao (hereinafter referred to as "the Applicant") applied to the Court for pre-restructuring and restructuring of the Company on the grounds that the Company cannot repay its due debts and has a significant possibility of losing its repayment ability.
- As of the date of this announcement, the Company has not received any legal documents from the Court regarding the Applicant's application for the Company's pre-restructuring and restructuring. There is significant uncertainty regarding whether the Court will accept the Applicant's application and whether the Company will enter the pre-restructuring and restructuring procedures.
- On May 5, 2022, the Company received a "Prior Notice" (Company Department Letter [2022] No. 150) issued by the Shenzhen Stock Exchange (hereinafter referred to as "SZSE"). On April 29, 2021, due to the Company's audited net assets being negative at the end of 2020, the trading of the Company's stock was subject to delisting risk warnings and additional risk warnings. The first annual report after the delisting risk warning on April 30, 2022, showed that the Company's financial accounting report was issued with an audit report that could not express an opinion by the accounting firm. The Company has reached the circumstances for termination of listing as stipulated in Article 9.3.11 (3) of the SZSE "Stock Listing Rules (2022 Revision)." According to the relevant provisions of the SZSE "Self-Regulatory Hearing Procedures," the Company has the right to apply for a hearing. The Company has submitted a hearing application to the SZSE within the application period. If the Company participates in the hearing but the SZSE ultimately decides to terminate the listing, the Company's stock may be delisted.
- If the Company is declared bankrupt, it will undergo bankruptcy liquidation, which will trigger the circumstances for termination of listing as stipulated in Article 9.4.17 of the SZSE "Stock Listing Rules (2022 Revision)."
I. Overview of the Application for Pre-restructuring and Restructuring
On May 13, 2022, Contemporary Oriental Investment Co., Ltd. (hereinafter referred to as "the Company") received a "Notice" from the Intermediate People's Court of Datong City (hereinafter referred to as "the Court"). Creditor Hu Chao (hereinafter referred to as "the Applicant") submitted an application to the Court for pre-restructuring and restructuring of the Company on the grounds that the Company cannot repay its due debts and has a significant possibility of losing its repayment ability.
(1) Basic Information of the Applicant
Applicant: Hu Chao.
Residence: Jinan City, Shandong Province.