Changzhou Yingzhong Technology Co., Ltd. Board of Directors' Explanation on the Independence of the Appraisal Institution, Reasonableness of Appraisal Assumptions, Relevance of Appraisal Methods and Objectives, and Fairness of Transaction Pricing
Changzhou Yingzhong Technology Co., Ltd. (hereinafter referred to as "the Company" or "the Company") intends to acquire 51% of the equity of Changzhou Yingzhong Electric Co., Ltd. (hereinafter referred to as "the Target Company") held by Yu Biao, Yu Yingzhong, and Zhu Lijuan (collectively referred to as "the Transaction Counterparties") through cash payment (hereinafter referred to as "the Transaction").
In accordance with the "Administrative Measures for Major Asset Restructuring of Listed Companies" and other relevant regulations, the Company's Board of Directors has carefully reviewed the relevant appraisal materials for the transaction provided by the Company and hereby expresses its clear opinions on the independence of the appraisal institution, the reasonableness of the appraisal assumptions, the relevance of the appraisal methods and objectives, and the fairness of the appraisal pricing as follows:
- Independence of the Asset Appraisal Institution
The appraisal institution engaged for this major asset restructuring, Yinxin Asset Appraisal Co., Ltd. (hereinafter referred to as "Yinxin Appraisal"), is a filing institution engaged in securities business services and possesses professional competence. The selection process for this appraisal institution is compliant. Apart from business relationships, Yinxin Appraisal and its appraiser(s) have no other relationship with the Company, the Transaction Counterparties, or the Target Company, and there are no actual or anticipated conflicts of interest. Yinxin Appraisal is independent as the asset appraisal institution for this major asset restructuring.
- Reasonableness of Appraisal Assumptions