Zhejiang Furun (600070): Progress In Transfer Of Equity Of Holding Subsidiary To Related Parties

The third meeting of the ninth board of directors held on August 24, 2020, and the first extraordinary general meeting of shareholders in 2020 held on September 9, 2020 deliberated and passed the proposal on transferring the equity of holding subsidiary to related parties. The company transferred 46% of Zhejiang Furun printing and dyeing Co., Ltd. to the controlling shareholder Furun Holding Group Co., Ltd. with the appraisal value of 315.4486 million yuan Equity and 51% equity of Zhejiang Furun Textile Co., Ltd. For details, please refer to the company's Announcement No. 2020-053. As of October 12, 2020, the company has received all the transfer price transferred by the controlling shareholder through Zhejiang equity trading center.

Zhejiang Furun printing and dyeing Co., Ltd. and Zhejiang Furun Textile Co., Ltd. have completed the industrial and commercial registration and filing procedures of equity transfer in Zhuji market supervision and Administration Bureau on September 29, 2020, and issued a new business license. Since October 1, 2020, Zhejiang Furun printing and dyeing Co., Ltd. and Zhejiang Furun Textile Co., Ltd. will no longer be included in the consolidated statements of the company.