*ST Velvet ((000982): Completion Of Business Change Registration

Announcement of Ningxia cashmere industry Limited by Share Ltd on completion of registration of industrial and commercial changes

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.

According to the decision of the intermediate people's Court of Yinchuan, the Ningxia Hui Autonomous Region, approved by the intermediate people's Court of Ningxia, the restructuring plan of the Ningxia cashmere industry Limited by Share Ltd (see the announcement of the company in November 15, 2019), the reorganization is based on the total share capital of A, Ningxia's Bank of China (hereinafter referred to as "China silver velvet industry" or "company"), based on the proportion of about 13.61 shares per 10 shares. The capital reserve has been converted to equities, which has increased by 2456833774 shares. The total share capital of the cashmere industry increased from 1805043279 shares to 4261877053 shares after the conversion. The above increased capital stock has been registered at the China Securities Registration Co., Ltd. Shenzhen branch. Due to the implementation of the above reorganization plan, the company's registered capital has been changed, from 1805043279 yuan to 4261877053 yuan, and the company will also amend the corresponding provisions of the articles of association. In January 17, 2020, the company held the fifteenth meeting of the seventh board of directors to consider and pass the election. Mr. Li Xiangchun was the chairman of the company; the sixteenth meeting of the seventh board of directors held in February 17, 2020 and the first provisional shareholders' meeting in 2020 held in March 4, 2020 adopted the motion on changing the registered capital of the company and the revision of the articles of association. The motion agreed that the registered capital of the company was changed from 1805043279 yuan to 4261877. 053 yuan, and amend the corresponding provisions of the company, the specific contents are detailed in the February 18, 2020 announcement of the sixteenth meeting of the seventh board of directors of Limited by Share Ltd of Ningxia cashmere industry (Announcement No.: 2020-08), "Ningxia Zhong Yin Rong ye Limited by Share Ltd's announcement on changing the registered capital and amending the articles of association" (Bulletin number: 2020-10).

And the announcement of the first provisional shareholders meeting of the Limited by Share Ltd of Ningxia cashmere industry in March 5, 2020 (Announcement No.: 2020-21), which was disclosed in March 5, 2020. In March 20, 2020, the company completed the registration of industrial and commercial registration of the registered capital and the articles of association of the company, the record of company directors and supervisors, and obtained the "business license" issued by the the Ningxia Hui Autonomous Region market supervision and management department. The main registration information of the company after changing business is as follows:

1. Name: Ningxia cashmere industry Limited by Share Ltd

2. unified social credit Code: 91640000227683862F

3. type: Limited by Share Ltd (listed)

4. Residence: Lingwu ecological textile park (north side of south 2nd Ring Road, Lingwu City, east of two road)

5. legal representative: Li Xiangchun

6. registered capital: 4261877053 yuan.

7. date of establishment: 09 1998, 15

8. business period: 09 months 1998 to 15 September 15, 2058

9. business scope: the development, design, production and sale of cashmere and its products, wool textiles, cotton textiles, all kinds of fiber blended fabrics and other textiles; the sale of light industrial products and local animal products; 16 kinds of export commodities and technologies imported and exported by the self operated and the agents in addition to the national unified joint operation, and the state to implement 14 kinds of imported commodities, which are approved by the company. Business; operation of incoming processing and "three to one complement" business; operation of foreign trade and entrepot trade; domestic trade (national specialized controlled commodities must provide special examination and approval documents and licenses), warehousing business. (legally approved projects can be launched after approval by the relevant departments).

Notice hereby.

Board of Limited by Share Ltd of Ningxia BOC cashmere industry two March 21st two