On February 7, Jilin Chemical Fiber Co., Ltd. (Hereinafter referred to as "Jilin Chemical Fiber") issued an announcement on the signing of the entrusted management agreement and related transactions. According to the announcement, Jilin Chemical Fiber and Jilin Guoxing New Material Industry Investment Co., Ltd. Guoxing New Materials entrusts the Company to operate and manage Jilin Guoxing Composite Materials Co., Ltd. (Hereinafter referred to as "Guoxing Composite Materials"), and both parties have signed the Agreement on Entrusted Operation and Management. The trusteeship fee is charged annually (from January 1 to December 31): the trusteeship fee is 1 million yuan per year.
In the previously released article "Jilin Carbon Valley: Jilin Chemical Fiber to Manage on Behalf of the Controlling Shareholder, but the Actual Controller Remains Unchanged," it was introduced that on December 29, 2023, Jilin Carbon Valley Carbon Fiber Co., Ltd. (hereinafter referred to as "Jilin Carbon Valley") issued an announcement regarding the authorization by the Jilin City State-owned Assets Supervision and Administration Commission (SASAC) for Jilin Chemical Fiber Group Co., Ltd. to act on behalf of Guoxing New Materials Company in its management functions. According to the announcement, starting from January 1, 2024, Jilin City SASAC has decided to entrust the management of Jilin Carbon Valley's controlling shareholder, Guoxing New Materials, to Jilin Chemical Fiber. The actual controller of Jilin Chemical Fiber Group is Jilin City SASAC, and this matter will not lead to any change in the controlling shareholder or actual controller of Jilin Carbon Valley. The company's actual controller remains Jilin City SASAC, and the controlling shareholder continues to be Guoxing New Materials (read the original text). The adjustments to Jilin Carbon Valley's shareholders before and after the change are shown below:
In communications with investors, Jilin Chemical Fiber Company pointed out that in order to build the company into an outstanding carbon fiber composite materials enterprise and to protect the interests of the listed company, the Chemical Fiber Group communicated with Jilin City SASAC and entrusted the management of Guoxing Composite Materials Company to the company. The company charges a fixed management fee, effectively preventing and resolving competition in the same industry between the company and Guoxing Composite Materials Company.
In summary, it can be seen that the listed company's management of Guoxing Composite Materials Company is a measure within the Jilin state-owned assets system for the coordinated development of the carbon fiber industry, aiming to achieve mutual improvement and progress in the carbon fiber industry, with the ultimate goal of strengthening the carbon fiber industry.
