Verification Opinion on the Release of Restricted Shares Obtained by Shareholders of Modern Avenue Fashion Group Co., Ltd. through Judicial Procedures
Guoxin Securities Co., Ltd. (hereinafter referred to as "Guoxin Securities" or "Financial Advisor") serves as the financial advisor for the release of restricted shares obtained by shareholders of Modern Avenue Fashion Group Co., Ltd. (hereinafter referred to as "Modern Avenue," "Company," or "Listed Company") through judicial auction. In accordance with the requirements of the Company Law of the People's Republic of China, the Securities Law of the People's Republic of China, the Administrative Measures for the Sponsorship of Securities Issuance and Listing, the Shenzhen Stock Exchange Listing Rules, and the Self-Regulatory Guidelines for Listed Companies No. 1—Standard Operation of Main Board Listed Companies, Guoxin Securities has conducted a prudent review of the release of restricted shares obtained by Peng Zheng through judicial auction (from the non-public issuance of shares and stock dividends to specific targets in 2016). The review findings and opinions are as follows: