*ST Medium Velvet ((000982): Asset To Price Payment And

Stock Code: 000982 securities short: *ST velvet notice number: 2020-26

Limited by Share Ltd of Ningxia Bank of China (cashmere) Co., Ltd.

Notice of assets and payment of prices

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.

The Bank of China (Limited by Share Ltd) of Ningxia (hereinafter referred to as "the company") disclosed in December 4, 2019 that the company managers had disposed of part of the capital reserve fund to increase stocks and assets by competitive bidding. The total price is RMB 2 billion 50 million yuan, of which the transaction price of the disposed assets is RMB 1 billion yuan, and the converted stock price is RMB 1 billion 50 million yuan. The consortium should pay 700 million yuan (excluding margin) to the manager's account after the signing of the confirmation of the transaction, and no later than December 15, 2019, and finally pay all the bid balance to the manager's account not later than 5 April 2020. The proceeds from this stock and asset auction will be used in accordance with the reorganization plan for the company to pay its debts, pay the related expenses, and replenish the funds needed for the production and operation of the company. Details of the announcement by the company in the information disclosure media of the "Limited by Share Ltd of Ningxia Bank of China (CFA) on the results of the transfer of shares and assets by the managers in the competitive bidding of some of the company's capital reserves" (Bulletin number 2019-129). After further confirmation by the company and the manager, the administrator has received the following information on the price:

First, the specific circumstances of the payment of the price.

As of the announcement date, the consortium has paid a total of 1 billion 900 million yuan to the manager's account, and there is still no payment of RMB 150 million yuan.

Two, the main contents of the company manager's letter of notification

In April 7, 2020, the company received the letter from the administrator on the letter received from the authorized representative of the consortium, "Heng Tian Jin Shi" on the delayed payment of the acquisition price of the cashmere industry assets under the new crown pneumonia epidemic.

In April 7, 2020, the administrator received a letter from the authorized representative of the consortium, Heng Tian Jin Shi, about the delay in payment of the purchase price of the cashmere industry assets under the outbreak of the new crown pneumonia.

"The internal agreement between our company (Management note: Heng Tian Jin Shi) and the consortium, we have carried on the disposal assets of the Bank of China (cashmere) industry for 1 billion yuan (hereinafter referred to as" disposal of assets "). For the above disposal assets, we signed the cooperation agreement with Zhejiang new Australia Industrial Co., Ltd. (hereinafter referred to as "Zhejiang new Australia") to participate in the auction of some assets to be disposed of by Limited by Share Ltd managers in the cashmere industry. The agreement stipulates that some of the disposal assets will be paid by 900 million yuan from Zhejiang new Australia, and the remaining assets will be paid by us 100 million yuan. The above price should be 202. All payments were made to the administrator account in 0 April 5th. Later, Zhejiang, Zhejiang and Macao designated the Ningxia, Zhejiang and Macao business management partnership (limited partnership) (hereinafter referred to as "Ningxia, Zhejiang and Macao") as the enjoyment and bearing Party of the relevant rights and obligations under the "cooperation agreement".

As of April 5, 2020, the 1 billion price involved in the disposal assets has been paid by us and Ningxia, Zhejiang and Macao for 850 million yuan. Among them, we have paid 100 million yuan to the manager in full, and Ningxia, Zhejiang and Macao have paid 750 million yuan to the manager.

In April 5th, we received the letter from Ningxia, Zhejiang and Macao on the postponement of the purchase price of the partnership between Zhejiang and Macao under the new crown pneumonia epidemic. We received the letter from Ningxia, Zhejiang and Macao.

It shows that the outbreak of the new crown pneumonia has become an unforeseeable, unavoidable and insurmountable objective impact on the implementation of the payment and purchase price based on the transfer and transfer of assets in Ningxia, Zhejiang and Macao. For Ningxia, Zhejiang and Macao, the remaining 150 million yuan for the remaining payment is mentioned. Ningxia, Zhejiang and Macao further indicated that it would be 5 days after the transfer of all the assets it had undertaken to the designated third parties in Ningxia, Zhejiang, Macao or Ningxia, Zhejiang and Macao (if the third party designated by Ningxia, Zhejiang, Macao or Ningxia, Zhejiang and Macao should not acquire the right to control the assets concerned), not later than June 15, 2020. To pay. In view of this, we invite you to take into account the unforeseeable, unavoidable and unsurpassed objective factors that caused the new crown pneumonia epidemic to Ningxia, Zhejiang and Macao. We will be able to understand that the resulting assets can not be transferred on time, transfer and affect the payment of the final payment of the price, and extend the payment period of the auction price to June 15, 2020. The manager fully realized that since the end of 1 in 2020, the outbreak of new crown pneumonia has spread rapidly, and all provinces, municipalities and autonomous regions have launched the first level response mechanism, and implemented strict epidemic prevention and control measures. Ningxia, Zhejiang, Beijing and other places where the partners are located are no exception. Affected by this, the transfer and transfer of disposal assets has been seriously affected by the force majeure of the new crown pneumonia, resulting in some assets in the disposal assets failed to complete the transfer and transfer procedures as planned, resulting in further recovery of the disposal price of the consortium as mentioned previously. The manager will now send the letter to the authorized Secretary of the consortium, "Heng Tian Jin Shi", to postpone the payment of the cashmere assets purchase price under the new crown pneumonia epidemic situation. Please inform the company of the above arrangements regarding the delay in payment of disposal assets purchase price, and the administrator will also pay close attention to the follow-up payment progress of the union.

Three. The company manager's statement about the effect of the late payment of the bid price on the implementation of the reorganization plan. The company received the manager's "late payment of the bid price" in April 9, 2020.

The explanation for the impact of the implementation of the reorganization plan is as follows:

According to the provisions of the reorganization plan on the "standard for completion of execution", the reorganization plan shall be deemed to have been completed after the following conditions are fully met:

1. The reorganization expenses that should be paid according to the provisions of the reorganization plan have been paid out, and the liquidated amount that should be paid to the creditors and the debt paying stocks have been allocated.

2, the debt repayment fund and debt repayment stock that the creditor has not received, and the corresponding debt repayment fund and debt repayment stock, have been deposited to the bank account and securities account designated by the manager in accordance with the provisions of the reorganization plan.

3, the creditor and the cashmere industry will reach an agreement on the creditor's rights in the implementation of the reorganization plan without prejudice to the interests of other creditors, and shall be deemed to have been discharged according to the provisions of the reorganization plan. "

As of December 25, 2019, the restructuring expenses paid by the cashmere industry should have been paid up, the amount of liquidated money that should be paid to the creditors and the debt paying shares have been allocated. The debt paying funds and the debt paying stocks corresponding to the debt paying funds that the creditors have not received, and the debt paying stocks and the estimated liabilities, have been deposited to the manager's designated bank in full amount in accordance with the provisions of the reorganization plan. Bank accounts and securities accounts. Based on the above, in December 26, 2019, the Yinchuan intermediate people's court made (2019) ning 01 break 6-5 civil ruling, ruled that the reorganization plan was completed.

In February 10, 2020, the head of the Standing Committee of the Standing Committee of the National People's Congress and the relevant departments of the Standing Committee of the National People's Congress stressed that the epidemic of pneumonia caused by a new coronavirus is a force majeure factor in the contract. Heng Tian Jinshi and Zhejiang new Australia are affected by the force majeure factor. The progress of each work is delayed. Therefore, it is impossible to pay the final price of the bid by April 5, 2020. The delay in payment of the purchase price of the bid price has been delayed only after the completion of the reorganization plan, and the time limit for the disposal of the asset price has been postponed.

Major adjustments to the rights and obligations of all parties do not constitute a violation of the reorganization plan. Moreover, the reorganization plan of the cashmere industry has been completed, and the late payment of the bid price can not affect the implementation of the reorganization plan that has been completed. To sum up, the late payment of the auction price does not constitute a violation of the reorganization plan, nor will it affect the implementation of the reorganization plan.

Four, follow-up measures

According to the company, the assets disposed by the company during the reorganization process (including fixed assets, equity, etc.) are widely distributed in different countries and regions such as the United States, Britain and Kampuchea. Due to the outbreak of the new crown pneumonia outbreak in January 2020, the assets transfer and transfer procedures have not been completed according to the plan, which has affected the consortium until the management is in the right place. The acquisition of the asset purchase price.

The company fully understands the above impact caused by the new crown pneumonia epidemic. In order to properly solve the related problems, the company will actively cooperate with the managers to promote the transfer and transfer of assets. Heng Tian Jinshi promises that it will be based on the collection status, not later than April 25, 2020.

150 million dispose of the purchase of the assets and make up for the payment without delay.

Five, risk warning

The announcement of the Ningxia Bank of China's Limited by Share Ltd on the completion of the reorganization plan announced in December 28, 2019 (Announcement No. 2019-138) indicates:

The implementation of the reorganization plan has significantly improved the company's financial position, and the company's revenue from restructuring will be included in the relevant financial data for 2019. According to the reorganization plan and the creditor's rights confirmed by the Yinchuan intermediate people's court, the company's initial reorganization will have a significant positive impact on the company's net assets at the end of 2019, and the company's net assets at the end of 2019 will be negative. In January 21, 2020, the company disclosed the 2019 annual performance notice of Ningxia cashmere industry Limited by Share Ltd (Announcement No. 2020-06). The company expects net assets at the end of 2019 to be 1 billion 136 million 484 thousand and 800 yuan, and is attributable to listing in 2019.

The net profit of shareholders of the company is between -250000 yuan and 3 billion 200 million yuan, and the specific amount is based on the audited 2019 annual report officially disclosed by the company. The company still draws the attention of investors to the following investment risks:

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.

The company's audited net profit in 2018 was negative. If the company's audited net profit in 2019 is still negative, according to article 13.2.1 of the listing rules, the company's stock will continue to implement the delisting risk warning (*ST).

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

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, net assets at the end of the year are negative, business income is less than ten million yuan, or the audit report of the company's financial and accounting reports is issued with reservations, inability to express opinions or negative opinions, or fails to do so. The annual report of 2020 is disclosed within the 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.

The company will strictly fulfill the obligation of information disclosure in strict accordance with relevant laws and regulations. The information released by the company is based on the notice published 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.

Six. Reference documents

1. The manager of the company has received the authorized representative of the consortium.

Letter of notification of the delayed payment of the purchase price of the cashmere industry assets under the new crown pneumonia epidemic situation.

2, the company manager's explanation of the effect of the late payment of the bid price on the implementation of the reorganization plan.

3, Heng Tian Jinshi Cci Capital Ltd "letter of commitment to pay for the Ningxia silver cashmere industry Limited by Share Ltd assets acquisition".

Notice hereby.

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

Two April 10th two