Shandong Luyang Energy Saving Materials Co., Ltd.
Announcement on Progress of Indirect Controlling Shareholder's Planned Bankruptcy Reorganization and Proposed Change of Company's Actual Controller
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.
Special Notes:
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On July 20, 2026, Shandong Luyang Energy Saving Materials Co., Ltd. (hereinafter referred to as the "Company") received a "Letter of Intent" (hereinafter referred to as the "Letter of Intent") from its indirect controlling shareholder, Chinasteel United Fiber Asia Holdings Limited (hereinafter referred to as "Controlling Shareholder" or "Chinasteel Asia"). It was learned that its indirect controlling shareholder, Ulysses Investment Holdco, Inc. (hereinafter referred to as "Ulysses"), has signed a "Restructuring Support Agreement" with the vast majority of its core financial creditors (hereinafter referred to as "Creditors"). According to the "Restructuring Support Agreement," Ulysses has obtained the support of the vast majority of its creditors and is expected to file for voluntary bankruptcy reorganization with the U.S. Bankruptcy Court for the Northern District of Texas within a few days.
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The bankruptcy reorganization planned by the Company's indirect controlling shareholder Ulysses and the proposed change of the Company's actual controller are still uncertain. Investors are advised to make decisions cautiously and pay attention to investment risks.
On July 20, 2026, the Company received the "Letter of Intent" from its controlling shareholder. The progress of the bankruptcy reorganization planned by the Company's indirect controlling shareholder Ulysses and the proposed change of the Company's actual controller is hereby announced as follows: