*St Carey (002072): Restructuring And Implementation Progress

Announcement on restructuring and implementation progress of Kairui Holding Co., Ltd

The company and all members of the board of directors guarantee that the contents of the announcement are true, accurate and complete, and there are no false records, misleading statements or major omissions in the announcement. On December 8, 2020, Hubei Province Jingmen intermediate people's Court (hereinafter referred to as "Jingmen middle court" or "court") ruled to approve the reorganization plan of kairuide Holding Co., Ltd. (hereinafter referred to as "restructuring plan") and terminated the reorganization procedure of kairuide Holding Co., Ltd. (hereinafter referred to as "kairuide" or "the company"). At present, the company has entered the implementation stage of the "reorganization plan", and the implementation work is advancing orderly. The relevant information is hereby announced as follows:

1、 Restructuring progress

On November 5, 2021, kairuide received the (2021) e 08 Po Shen No. 1 civil ruling, 2021 e 08 FA Wei Jian Zi No. 34 decision and (2021) e 08 Po 1 announcement issued by Jingmen intermediate people's court. Jingmen intermediate people's court ruled to accept the company's reorganization application and appointed the liquidation group of Kairui Holdings Co., Ltd. as the company's manager; At the same time, creditors should declare their claims to the company's manager before December 5, 2021. The first creditors' meeting is scheduled to be held at 2:00 p.m. on December 6, 2021 in the conference room, building c4-1, building c4-1, Duodao District, high tech Zone, Jingmen City, Hubei Province.

On November 12, 2021, the company received the letter of decision (2021) No. E08 Minbo 1 delivered by Jingmen intermediate people's court, allowing the company to manage property and business affairs on its own under the supervision of the administrator.

On December 6, 2021, the company held the first meeting of creditors and group of investors, and passed the property management and price change plan of Kairui Holding Co., Ltd. and the reorganization plan of Kairui Holdings Co., Ltd. (Draft); On the same day, the company submitted an application for approval of the reorganization plan to the Jingmen intermediate people's court.

On December 8, 2021, Jingmen intermediate people's court made (2021) e 08 min Po No.1 civil ruling, ruling: to approve the reorganization plan of kairuide Holding Co., Ltd., and terminate the reorganization procedure of kairuide Holding Co., Ltd., and this ruling is the final ruling.

II. Implementation progress of the reorganization plan

　　1. According to the provisions of the reorganization plan, the company has started the work related to the conversion of capital reserve fund into shares,

The manager has gone through the registration procedures of stock conversion and increase with the Shenzhen Branch of China securities registration and Clearing Co., Ltd., and the stock price of the company shall not be ex right. For details, please refer to the announcement on the implementation of conversion of capital reserve into share capital in the reorganization plan (Announcement No.: 2021-l103) disclosed by the company on December 18, 2021.

　　2. According to the "property management and price change scheme" deliberated and approved by the first creditors' meeting of the company, the administrator passed the bankruptcy liquidation platform of Jingdong auction on December 16, 2021 (website:

　　 https://auction.jd.com/bankrupt.html ）The company released the auction announcement of relevant assets of the company, and the subsequent companies will timely disclose the information according to the progress.

　　3. As of the date of this announcement, the company has received 60 million yuan of free liquidity support from Mr. Wang Jian, the restructuring investor, which is used for the company's daily operation.

3、 Risk tips

　　1. There is a significant risk that the company will be terminated due to restructuring failure. Jingmen intermediate people's court has ruled to approve the reorganization plan and terminate the reorganization procedure. The company has entered the implementation stage of the reorganization plan. If the company can not successfully implement the reorganization plan, the company will be declared bankrupt. If the company is declared bankrupt, according to rule 14.4 Article 17 (6) stipulates that the company's shares will face the risk of delisting.

　　2. There is a significant risk that the company will be terminated. Due to the negative net assets, negative net profits and operating income of less than 100 million yuan at the end of 2020, and the court has accepted the reorganization of the company according to law, the company's stock trading has been given delisting risk warning. At the same time, due to the negative net profit after deducting the non recurring profit and loss attributable to the shareholders of the listed company in the latest three accounting years (2018, 2019, 2020), and the annual audit report in 2020 shows that the company's ability to continue as a going concern is uncertain, and the company's stock trading is subject to other risk warnings. According to Article 14.3 11: "listed companies are affected by these rules

　　14.3. 1. In the case of items (1) to (3) of the first paragraph of Article 1, the exchange decides to terminate the listing of its shares in case of any of the following circumstances in the first accounting year: (1) the audited net profit is negative and the operating income is less than 100 million yuan, or the net profit of the latest accounting year after retroactive restatement is negative and the operating income is less than 100 million yuan; （2） The audited ending net assets are negative, or the ending net assets of the latest accounting year after retroactive restatement are negative; （3） The financial accounting report is issued with qualified opinion, unable to express opinion or negative opinion audit report; （4） Failing to disclose the true, accurate and complete annual report of more than half of the directors within the statutory time limit; （5） Although in accordance with Clause 14.3 However, it fails to apply to the exchange for withdrawal of delisting risk warning within the prescribed time limit; （6） Due to non-compliance with Clause 14.3 seven

The withdrawal of delisting risk warning application has not been examined and approved by this exchange. ". In case of any of the above situations in 2021, Shenzhen Stock Exchange will decide to terminate the listing of the company's shares.

　　3. Under the supervision and guidance of the court and the administrator, the company will carry out the implementation of the reorganization plan according to law, actively do a good job in the daily operation and management work, and will perform the corresponding information disclosure obligations in strict accordance with the relevant provisions. The company solemnly reminds investors that China Securities Journal, securities times and www.cninfo.com.cn are the information disclosure media of the company, and all information of the company is subject to the official announcement published by the company in the above-mentioned designated media. Please make rational investment and pay attention to investment risks. It is hereby announced.

Board of directors of Kairui Holding Co., Ltd. December 21, 2021