Kairuide Holdings Co., Ltd. (hereinafter referred to as "Kairuide" or "the Company") 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.
On December 31, 2021, Kairuide received the Civil Ruling No. (2021) E 08 Min Po 1 No. 3 from the Jingmen Intermediate People's Court (hereinafter referred to as "Jingmen Court" or "the Court"), which ruled to confirm the completion of the execution of the "Reorganization Plan of Kairuide Holdings Co., Ltd." (hereinafter referred to as "the Reorganization Plan") and concluded the bankruptcy reorganization procedure of Kairuide Holdings Co., Ltd. The relevant situation is announced as follows:
I. Overview of the Company's Reorganization Matters
On November 5, 2021, Kairuide received the Civil Ruling No. (2021) E 08 Po Shen 1 and the Decision No. (2021) E 08 Fa Wei Jian Zi No. 34 from the Jingmen Court, which accepted the company's reorganization application and appointed the Kairuide liquidation team as the administrator. Creditors were required to declare their claims by December 5, 2021, and the first creditors' meeting was held on December 6, 2021.
On November 12, 2021, the company received the Decision No. (2021) E 08 Min Po 1 from the Jingmen Court, allowing the company to manage its property and business affairs under the supervision of the administrator. On December 6, 2021, the company held the first creditors' meeting and the investors' group meeting, where the "Property Management and Disposal Plan of Kairuide Holdings Co., Ltd." and the "Reorganization Plan of Kairuide Holdings Co., Ltd. (Draft)" were approved. On the same day, the company submitted an application to the Jingmen Court for the ruling to approve the reorganization plan.