Securities Code: 002163 Securities Abbreviation: Hainan Development Announcement No.: 2026-046
Hainan Holdings South China Sea Development Co., Ltd.
Announcement on the Progress of Bankruptcy Liquidation of Subsidiary Sanxin (Huizhou) Curtain Wall Products Co., Ltd.
The Company and all members of the Board of Directors guarantee that the content of this information disclosure is true, accurate, and complete, and that there are no false records, misleading statements, or major omissions.
I. Basic Situation
Hainan Holdings South China Sea Development Co., Ltd. (hereinafter referred to as the "Company") held the 23rd meeting of the 7th Board of Directors via teleconference on July 8, 2022, and deliberated and passed the "Proposal on the Application for Bankruptcy Liquidation of Subsidiary Sanxin (Huizhou) Curtain Wall Products Co., Ltd.". The Board of Directors agreed to apply to the court for the bankruptcy liquidation of Sanxin (Huizhou) Curtain Wall Products Co., Ltd. (hereinafter referred to as "Curtain Wall Products Company") on the grounds that it is insolvent and unable to repay its due debts.
In July 2023, the Company received the "Civil Ruling" (2022) Yue Po Zhong 272 from the High People's Court of Guangdong Province. The High People's Court of Guangdong Province held that the Company is the controlling shareholder of Curtain Wall Products Company and has a related party relationship with Curtain Wall Products Company. Without a legally effective judgment determining the creditor-debtor relationship between the Company and Curtain Wall Products Company, it is difficult to determine the Company's true creditor status, and the appeal was rejected, upholding the original ruling. For details, please refer to the "Announcement on the Progress of Bankruptcy Liquidation of Subsidiary Sanxin (Huizhou) Curtain Wall Products Co., Ltd." disclosed by the Company (Announcement No.: 2023-056).