Jilin Carbon Valley Carbon Fiber Co., Ltd. (hereinafter referred to as "the Company") recently received a notice from its controlling shareholder, Jilin Guoxing New Materials Industry Investment Co., Ltd. (hereinafter referred to as "Guoxing New Materials"). The equity structure of Guoxing New Materials and the entrusted management relationship between Guoxing New Materials and Jilin Chemical Fiber Group Co., Ltd. (hereinafter referred to as "Chemical Fiber Group") are expected to undergo changes. The following is the announcement regarding the relevant situation:
I. Changes in the equity control structure of the controlling shareholder
Recently, the Jilin Municipal People's Government's State-owned Assets Supervision and Administration Commission (hereinafter referred to as "Municipal State-owned Assets Supervision Commission") signed the "64.52% Equity Transfer Agreement of Guoxing New Materials" with Chemical Fiber Group. The above equity transfer has been approved by the Municipal State-owned Assets Supervision Commission and still needs to pass the anti-monopoly review in accordance with the "Anti-Monopoly Law of the People's Republic of China" and the "Regulations of the State Council on the Standards for Concentration of Operators".
After the completion of the above Guoxing New Materials equity transfer, the Municipal State-owned Assets Supervision Commission no longer directly holds the equity of Guoxing New Materials. After this Guoxing New Materials equity transfer, Guoxing New Materials becomes a wholly-owned subsidiary of Chemical Fiber Group. The "Notice of Jilin Municipal State-owned Assets Supervision Commission on Authorizing Jilin Chemical Fiber Group Co., Ltd. to Exercise the Management Functions of Jilin Guoxing New Materials Industry Investment Co., Ltd." (Ji City State-owned Assets Development [2023] No. 105) issued by the Municipal State-owned Assets Supervision Commission on December 28, 2023 will be terminated.
After this transaction is completed, given that the Municipal State-owned Assets Supervision Commission directly and indirectly holds 67.09% of the equity of Chemical Fiber Group, the company's controlling shareholder remains the Municipal State-owned Assets Supervision Commission.
In summary, the above changes in the equity control structure will not lead to changes in the controlling shareholder or the actual controller of the company.
II. The impact of the changes in the equity control structure of the controlling shareholder on the company.
This change in the equity control structure means that the company's controlling shareholder remains Guoxing New Materials, and the company's actual controller remains the Municipal State-owned Assets Supervision and Administration Commission. The Chemical Fiber Group has changed from being the trustee of the company's controlling shareholder Guoxing New Materials before the change to becoming the controlling shareholder of Guoxing New Materials and thus becoming the indirect controlling shareholder of the company.