*ST Middle Velvet (000982): Manager's First Meeting Of Creditors

Stock Code: 000982 securities short: *ST velvet notice number: 2019-84

Notice of Ningxia Bank of China Limited by Share Ltd manager on the convening of the first creditors' meeting

Important note:

The first creditor meeting of Ningxia cashmere industry Limited by Share Ltd was held on the morning of August 23, 2019 at 9:30. The creditors' meeting voted to adopt the property management and price adjustment plan.

The first creditor meeting of Limited by Share Ltd, Ningxia BOC cashmere industry Limited by Share Ltd (hereinafter referred to as "cashmere industry" or "company") was held at 9:30 a.m. on August 23, 2019 at the national enterprise bankruptcy reorganization case information network (pccz.court.gov.cn). The relevant information is hereby announced as follows:

1. Agenda of this creditors meeting

The agenda of this meeting mainly includes: the manager makes a report on the phased work during the reorganization period; the manager makes a report on the property status of the debtor; a statement of the creditor's declaration and examination of the creditor's rights; a creditor's meeting verifying the statement of creditor's rights; a manager's explanation of the property management and pricing scheme; the creditors' meeting voting on the property management and variable price plan; the manager's report on the remuneration of the administrator; and the chairman of the court appointed creditors' meeting.

Two. Vote on the creditors meeting.

The creditors' meeting voted on the property management and price adjustment plan. Voting knot

The results are as follows:

Among the creditors who attended the first meeting of the creditors of the cashmere industry, there were 109 creditors with voting rights. Among them, the creditors who agreed to the property management and pricing scheme accounted for 95% of the total number of voting rights at the meeting, half of the creditors who would have the right to vote, and the creditors representing the creditors of the property management and pricing scheme accounted for 78.04% of the total amount of creditor's rights secured by non property, which was 1/2 higher than that of the non property secured claims.

According to the provisions of the sixty-fourth law of the People's Republic of China enterprise bankruptcy law, the "property management and price adjustment plan" was voted through at the creditors meeting.

Three, the main contents of the property management and price adjustment plan.

The "property management and price change plan" adopted by the creditors' meeting is mainly based on the valuation value recognized by the appraisal report issued by the appraisal institution of the Bank of China's cashmere industry, which is publicly sold or sold by the manager according to law. The liquidate price of disposing of the property will be deposited in the exclusive bank account of the administrator. The company's reorganization plan shall be voted by the creditors' meeting and approved by the Yinchuan intermediate people's court for approval.

1. Scope of disposal of property

The scope of disposal of property stipulated in the property management and price change plan includes the accounts of the Bank of China, including monetary fund and export tax rebate -1.html. Export tax rebate The total assets of the 100% stake of Jiangyin cashmere import and Export Co., Ltd., 100% equity interest in the eastern cashmere company, and other properties that are entitled to ownership under the relevant laws and regulations, including the newly discovered property belonging to the silver cashmere industry, the property acquired by the silver cashmere industry, and the rights and interests that may be acquired during the reorganization period.

2. Disposition of property

"Summary", referring to the provisions of the Supreme People's Court on certain issues concerning the judicial auction of the people's court, and other relevant laws, regulations and judicial interpretations, in accordance with the relevant laws, regulations and judicial interpretations, the Bank of China's property that meets the auction conditions shall be applied by the manager to the Yinchuan intermediate people's court in the way of online auction (using Taobao auction platform or Jingdong auction platform) in order to make the auction price of the first auction not less than the value of the assets appraisal report issued by the appraisal institution of the Bank of China's reorganization process; after each auction, the management can choose to continue to auction the price (each time the price range does not exceed 30% of the auction price of the previous auction), or the price shall be disposed of according to the transfer price of the auction price at no less than the auction price. The property disposal methods stipulated in the property management and price change plan are: according to the People's Republic of China enterprise bankruptcy law, the People's Republic of China auction law, and the national court bankruptcy trial work conference.

Four, stock resumption arrangement

Upon application by the manager to the Shenzhen stock exchange, the company's stock will be suspended for 1 trading days on the date of the first creditors' meeting (that is, August 23, 2019). After the company's property management and price change plan has been voted through the creditors' meeting and the administrator has disclosed the announcement of the first creditors' meeting, the company will apply for a resumption of the card to the Shenzhen stock exchange according to the regulations. (refer to the notice issued by the manager of the Limited by Share Ltd of Ningxia cashmere industry in August 23, 2019 about the notice of stopping the resumption of cards), the announcement number is 2019-83.

According to the provisions of article 12.1 of the Shenzhen Stock Exchange Listing Rules (2018 Revision) and the provisions of Article 1, fifth and tenth of the information disclosure guidelines No. second of the Shenzhen stock exchange, the resumption of licensing business, the manager has resumed the stock market of the Shenzhen Stock Exchange on August 26, 2019.

Five, risk warning

1, the risk that a company's stock may be suspended from listing.

The company's stock trading is currently implemented by delisting risk warning (*ST), and the company's 2018 audited net assets at the end of the year are negative. If the company's audited net assets in the end of 2019 are still negative, according to the provisions of article 14.1.1 of the Shenzhen Stock Exchange Listing Rules (revised November 2018) (hereinafter referred to as the "Listing Rules"), the company's stock will face the risk of suspension of listing.

2, the risk that the company's stock may be terminated.

(1) if the company's shares are suspended from listing, the first year (2020) report shows that the company's net profit or net profit after deducting the non recurring gains and losses is negative, the net assets at the end of the year are negative, the operating income is less than ten million yuan, or the audit report of the company's financial accounting report is issued with reservations, unable to express opinions or negative opinions, or fails to disclose the 2020 annual report within the statutory time limit. According to the provisions of article 14.4.1 (1) to (five) of the listing rules, the company's stock will face the risk of being terminated.

(2) the court has ruled that the company enters the reorganization process. According to the relevant provisions of the People's Republic of China enterprise bankruptcy law, if the reorganization fails, the company will be declared bankrupt and liquidated by the court. If the company is declared bankrupt and liquidated by the court, according to clause 14.4.1 (twenty-three) of the listing rules, the company's stock will face the risk of being terminated.

(3) if the company implements the reorganization and completes the reorganization plan, it will help improve the company's assets and liabilities structure and avoid continuous losses, but the company's stock transaction still needs to meet the relevant regulatory requirements, otherwise it will still face the risk of suspending the listing or terminating the listing.

Managers will conscientiously perform their duty of disclosure in strict accordance with relevant laws and regulations.

We should pay close attention to and disclose the progress of related matters in a timely manner. The information released by the company is based on the announcement in the securities information times, China Securities Daily, Securities Daily, Shanghai Securities Daily and www.cninfo.com.cn. At the same time, it also reminds the majority of investors to make prudent decisions and pay attention to investment risks.

Notice hereby.

Ningxia silver cashmere Limited by Share Ltd Manager

Two August 24th 19