*ST Velvet ((000982): Abnormal Fluctuations In Stock Trading

Stock Code: 000982 securities short: *ST velvet notice number: 2019-135

Ningxia cashmere industry Limited by Share Ltd announcement on abnormal fluctuations in stock trading

All members of the company and the board of directors guarantee the authenticity, accuracy and completeness of the information disclosure. There is no false record, misleading statement or major omission.

Special 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, it is based on the Shenzhen Stock Exchange Listing Rules (revised November 2018) (hereinafter referred to as the "Listing Rules"). 14.1.1 The company's shares 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 of the year (2020) reports that the net profit of the company's net profit or net profit after deducting 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, inability to express opinions or negative opinions, or fails to make a report. The annual report of 2020 is disclosed within the statutory time limit, according to the listing rules. 14.4.1 Article 1 (1) to (five) stipulates that the company's stock will face the risk of being terminated.

(2) the court has ruled that the company should terminate the reorganization process and enter the implementation phase of the reorganization plan. According to the relevant provisions of the People's Republic of China enterprise bankruptcy law, if the company fails to implement or fails to implement the reorganization plan during the implementation of the reorganization plan, the company will be declared bankrupt and liquidated by the court. If the company is declared bankrupt and liquidated by the court, according to the Listing Rules 14.4.1 Under article twenty-three, 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 transactions still need to meet the relevant regulatory requirements.

Facing the risk of suspension of listing or termination of listing.

3, after the capital reserve is converted into capital stock, the total share capital of the company will increase significantly, from 1805043279 shares to 4261877053 shares, and the market supply may increase correspondingly. The company reminds investors to pay attention to investment risk.

1. Abnormal fluctuations in stock transactions

Ningxia BOC cashmere Limited by Share Ltd (hereinafter referred to as "company" or "cashmere industry").

*ST middle velvet, stock code: 000982) stock in December 19, 2019, December 20th, December 23rd, 3 consecutive trading days cumulative deviation value reached Twelve point nine nine %, according to the relevant provisions of the Shenzhen stock exchange, the company's stock transactions are abnormal fluctuations in transactions.

Two, the company pays attention to and verifying the situation.

In view of the abnormal fluctuation of stock trading, the board of directors of the company has verified the relevant matters.

1, there is no need to correct and supplement the information disclosed by the company in the early stage.

2, the controlling shareholder and the actual controller and shareholders holding more than 5% of the company do not have any major issues that should be disclosed but not disclosed by the company.

3, no public information has been reported in recent public media on possible or already significant impact on the stock trading price of the company. 4, the controlling shareholder, the actual controller and the shareholder holding more than 5% have not traded the company's stock during the abnormal fluctuation of the stock transaction.

5, there is no violation of fair information disclosure regulations.

Three, there should be no disclosure and no disclosure of information.

In July 9, 2019, the intermediate people's Court of Yinchuan, the Ningxia Hui Autonomous Region made (2018) ning 01 broken Shen 29 "civil ruling" and (2019) ning 01 break 6-1 "decision", and decided to accept the application of the Shanghai Yong run Cci Capital Ltd's reorganization of the company. The decision was designated by the Yinchuan Municipal People's government as the liquidation group of the relevant departments and agencies. Bank of China industry manager. (see the Ningxia cashmere industry Limited by Share Ltd issued by the cashmere industry in July 11, 2019 about the court's decision to accept the company's reorganization and shares).

The ticket was continued to implement the notice of delisting risk warning, bulletin number: 2019-69).

According to the "property management and price change plan" adopted by the first time creditors meeting of the cashmere industry, the manager commissioned the Jingdong online judicial auction platform. Sifa.jd.com/ The first, second, third, fourth and fifth public auctions of the property of the silver cashmere industry were in September 11, 2019, September 18th, September 26th, October 4th and November 4th respectively. People bid and sell. After the above property is photographed, the manager will deal with it separately according to the resolution of the creditors' meeting.

The second creditors' meeting and investor group meeting were held in November 13, 2019. The secured creditor group, the tax creditor's rights group and the ordinary creditor's rights group voted to adopt the reorganization plan of the Limited by Share Ltd of Ningxia cashmere industry, and the investor group voted to adopt the investor rights adjustment plan of the Ningxia cashmere industry Limited by Share Ltd reorganization case. Details of the second creditors' meeting and the sponsor group meeting are detailed in the notice issued by the manager of the Limited by Share Ltd of Ningxia Bank of China on the convening of the second creditors' meeting held in November 14, 2019 (Bulletin number: 2019-121), and the announcement by the Limited by Share Ltd administrator of Ningxia Bank of China on the convening of the meeting of the investor group (Bulletin number: 2019-120). 。 In November 13, 2019, the Yinchuan intermediate people's court ruled in accordance with the law to ratification of the Limited by Share Ltd's reorganization plan of the Bank of Ningxia (hereinafter referred to as the "reorganization plan") and to terminate the reorganization process, and the company entered the implementation stage of the reorganization plan.

The company manager has already disposed of some of the capital reserve funds and converted the proceeds of the stock and assets through competitive bidding. For details, see the announcement of the 2019-126 Ningxia Bank of China's Limited by Share Ltd manager on the disposal of part of the capital reserve in the competitive way to increase the proceeds and assets of the shares in November 26, 2019, and the 2019-133 Ningxia cashmere issued in December 19, 2019. Limited by Share Ltd's announcement on the implementation of the reorganization plan capital reserve fund to increase stocks. The registration date for capital surplus is to be increased in December 24, 2019. The listing date for the capital increase is December 25, 2019. For the capital stock added to the capital reserve, the stock price is no longer authorized. In December 24, 2019, the company issued the 2019-134 Limited by Share Ltd of the Bank of China (cashmere). Notice of ex rights.

At present, the company is registered with the Shenzhen branch of China Securities Registration Co. After the completion of the registration, the Cci Capital Ltd of the Heng Tian Jin Shi (hereinafter referred to as "Heng Tian Jin Shi") is directly.

Holding shares and holding shares of listed companies indirectly by Heng Tian and Xin Tian Jia Ye will reach 565438176 shares. Then, the shareholding ratio of Heng Tian Jinshi will surpass the Cashmere Group, the largest shareholder of the company, and become the controlling shareholder of the company. According to the relevant provisions, after the completion of the registration of the stock transfer, the information disclosure obligor shall prepare a detailed report on the change of interests in respect of the matters relating to the change of stock rights, and the detailed changes in the rights and interests of the shareholders of the listed company shall be based on the detailed report of the company's rights and interests reported at that time. The board of directors confirms that, in addition to the above, there are no matters to be disclosed and not disclosed in accordance with the relevant provisions of the Shenzhen Stock Exchange listing rules or related matters such as planning, negotiation, intention, agreement, etc. the board of directors has not been disclosed by the company in accordance with the relevant provisions of the Shenzhen Stock Exchange Listing Rules, and has not been disclosed. Information that has a greater impact on the trading price of the company's stock and its derivatives; there is no need for corrections and supplements to the information disclosed by the company's prior stage.

Four. Special 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, it is based on the Shenzhen Stock Exchange Listing Rules (revised November 2018) (hereinafter referred to as the "Listing Rules"). 14.1.1 The company's shares 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 of the year (2020) reports that the net profit of the company's net profit or net profit after deducting 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, inability to express opinions or negative opinions, or fails to make a report. The annual report of 2020 is disclosed within the statutory time limit, according to the listing rules. 14.4.1 Article 1 (1) to (five) stipulates that the company's stock will face the risk of being terminated.

(2) the court has ruled that the company should terminate the reorganization process and enter the implementation phase of the reorganization plan. According to the relevant provisions of the People's Republic of China enterprise bankruptcy law, if the company fails to implement or fails to implement the reorganization plan during the implementation of the reorganization plan, the company will be declared bankrupt and liquidated by the court. If the company is declared by the court

Declare bankruptcy and liquidation, according to the Listing Rules 14.4.1 Under article twenty-three, 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.

3, if the reorganization is successfully completed, the company is expected to use the opportunity of restructuring to defuse the financial crisis and resume its business continuity. However, the stock price of a company depends not only on the level of profit and development prospects of the company, but also on the market supply and demand, the adjustment of the national economic policy, the change of interest rate and exchange rate, the speculation in the stock market, and the psychological expectation of investors, and so on, so that the price of the company's stock deviates from its value and brings the investment risk to the investors. After the capital reserve is converted into capital stock, the total capital stock and tradable shares will increase significantly, and the supply of the market may increase accordingly. The company reminds investors to pay attention to the risk of investment.

The company will strictly follow the relevant laws and regulations to fulfill the obligation of information disclosure, pay close attention to and disclose the progress of related matters in a timely manner. The information released by the company will be disclosed in the designated information disclosure media such as "Securities Times", "China Securities Daily", "Securities Daily", "Shanghai Securities News" and "flood tide information network". Www.cninfo.com.cn The announcement is based. At the same time, it also reminds the majority of investors to make prudent decisions and pay attention to investment risks.

Notice hereby.

The board of Limited by Share Ltd of Ningxia BOC cashmere industry

December 24th two 19