Announcement on the Progress of Matters Regarding the Company's Stock Being Subject to Other Risk Warnings
The board of directors and all members of the board of directors guarantee that the information disclosed is true, accurate, and complete, and contains no false records, misleading statements, or significant omissions.
Special Reminder:
In accordance with the relevant provisions of the "Rules Governing the Listing of Stocks on the ChiNext Market of the Shenzhen Stock Exchange," the stock of Yilianzhong Information Technology Co., Ltd. (hereinafter referred to as the "Company") will continue to be subject to other risk warnings (ST).
I. Reasons for the Company's Stock Being Subject to Other Risk Warnings
On November 28, 2023, the Company disclosed the "Announcement on Illegal Guarantees, Illegal Loans, and Major Litigation and Arbitration Involving the Company" (Announcement No.: 2023-077). Upon self-inspection, the Company discovered that it had provided illegal guarantees for the former actual controller/controlling shareholder/then Chairman Mr. Zhang Xi and his related parties without fulfilling any internal control approval/board of directors/shareholder meeting deliberation and decision-making procedures, and that Mr. Zhang Xi had signed illegal loan documents in the Company's name. As of the disclosure date of this announcement, based on effective arbitration awards and civil judgments, the Company is not required to bear joint and several liability for the related illegal guarantees and illegal loans.