Kairuide Holdings Co., Ltd. (hereinafter referred to as "the Company" or "Kairuide") and all members of the Board of Directors guarantee that the content of this announcement is true, accurate, and complete, and that there are no false records, misleading statements, or significant omissions.
I. Basic Situation of the Litigation
Recently, Kairuide received a civil judgment from the Hangzhou Intermediate People's Court, case number (2020) Zhe 01 Min Chu 2544, concerning a financial loan contract dispute between CITIC Bank Co., Ltd. Hangzhou Yuhang Branch and several parties, including Zhejiang Fifth Season Industrial Co., Ltd., Kairuide, Fifth Season International Petrochemical (Shenzhen) Co., Ltd., Hangzhou Fifth Season E-commerce Co., Ltd., Fifth Season International Investment Holdings Co., Ltd., Wu Lianmo, and Zhang Zhusheng. Detailed information about the case can be found in the announcements published by the Company on August 13, 2020, and August 19, 2020, on the Giant Tide Information Network.
The content of the civil judgment (2020) Zhe 01 Min Chu 2544 is announced as follows: