Ningbo Cixing Co., Ltd. Announcement on Providing Guarantee for Subsidiary's Purchase of German STOLL Related Assets The company and all members of the board of directors guarantee the content of the information disclosure is true, accurate, and complete, and contains no false records, misleading statements, or major omissions.
I. Overview of Guarantee Situation
Ningbo Cixing Co., Ltd. (hereinafter referred to as the "Company") and its wholly-owned subsidiary Cixing Co., Ltd. (Hong Kong) (hereinafter referred to as "Cixing (Hong Kong)") and its wholly-owned subsidiary STOLL Knitting Machinery GmbH, STOLL Knitting Technologies GmbH intend to acquire the STOLL brand computer flat knitting machine related assets and real estate (hereinafter referred to as the "Acquisition") from KARL MAYER Holding SE & Co. KG. To enhance the creditworthiness of the subsidiary, the Company will act as guarantor for all payment obligations of the subsidiary in the Acquisition, assuming joint and several liability. The Company needs to provide a guarantee for the transaction amount of EUR 30.7 million for its wholly-owned subsidiary Cixing (Hong Kong) and its wholly-owned subsidiaries STOLL Knitting Machinery GmbH and STOLL Knitting Technologies GmbH for this Acquisition.
This matter has been reviewed and approved by the ninth meeting of the sixth board of directors of the Company and does not require submission to the shareholders' meeting for deliberation.
II. Basic Information of the Guaranteed Parties
(I) Guaranteed Party 1
- Company Name: Cixing Co., Ltd. (Hong Kong);
- Date of Establishment: June 1, 2012;
- Company Address: Room 308, 3rd Floor, Cheuk Cheong Building, 45-51 Chatham Road South, Tsim Sha Tsui, Kowloon, Hong Kong;
- Directors: Sun Pingfan;
- Registered Capital: RMB 91.6938 million;
- Business Nature: Trading;
- Relationship with the Company: Wholly-owned subsidiary of the Company (the Company holds 100% of its equity);
- Main Financial Indicators of Cixing (Hong Kong) for the most recent year and period: Unit: RMB ten thousand