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- On behalf of the subsidiary to announce the resolution of the capital reduction
2023-08-10
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On behalf of the subsidiary to announce the resolution of the capital reduction
Subject：On behalf of the subsidiary to announce the resolution of the capital reduction
To which item it meets：paragraph 11
Date of events： 2023/8/10
Statement：
1.Date of the board of directors resolution:2023/08/10
2.Reason for capital reduction:In line with the group's capital planning, Sinyi Estate (Hongkong) Limited, a 100% indirectly held subsidiary of the Company, intends to reduce share capital.
3.Amount of capital reduction:US$60,000 thousand
4.Cancelled shares:Not applicable
5.Capital reduction percentage:28.98%
6.Share capital after capital reduction:US$147,011 thousand
7.Scheduled date of the shareholders meeting:2023/08/10
8.Estimated no.of listed common shares after issuance of new shares upon capital reduction:Not applicable
9.Estimated ratio of listed common shares after issuance of new shares upon capital reduction to outstanding common shares:Not applicable
10.Please explain any countermeasures for lower circulation in shareholding if the aforesaid estimated no.of listed common shares upon capital reduction does not reach 60 million and the percentage does not reach 25%:Not applicable
11.The record date for capital reduction:Not applicable
12.Any other matters that need to be specified: (1)This proposal is based on the Company's 100% indirectly held subsidiary's capital reduction announced on the Aug. 4th 2023, which was the fact that Jiu Xin Estate (Wuxi) Limited's cash capital reduction and remittance at the amount of US$60,000 thousand(remitted in RMB), and the following planning. (2)The above-mentioned fund through the current investment structure, Sinyi Estate (Hong Kong)Limited decreases capital by equal amount and remits the funds to Sinyi Estate Ltd., its parent company. Then, Sinyi Estate Ltd. decreases the capital by the same amount in cash and remits the funds to its parent company Sinyi International Limited, for the overall use of the group. Except if due to the impact of exchange rate fluctuations, the actual remittance amount might not be enough for the remittance of US$ 60,000 thousand, the board would approve or authorize the chairman to make a resolution to adjust the amount of capital reduction, the Company shall announce the actual amount of capital reduction. (3)Sinyi Estate Ltd. is an major subsidiary of the Company, the capital reduction of the above-mentioned companies describes the same event, The date of resolution of the board of directors and the expected date of the shareholders’ meeting of the remaining subsidiaries are the same. Therefore, we announced these together to provide investors with overall understanding of how these work. (4)Sinyi Estate Ltd. eliminates 60,000 thousand shares; capital reduction ratio: 28.78%; Share capital after capital reduction: USD 148,511 thousand; the record date for capital reduction: Not applicable (5)Plan for expected share replacement operations:Not applicable (6)Record date of replacement of shares:Not applicable (7)Book closure starting date:Not applicable (8)Book closure ending date:Not applicable (9)Rights and obligations of the new shares after capital reduction: Same as the original issued shares. (10)Anticipated listing date for the new shares:Not applicable
To which item it meets：paragraph 11
Date of events： 2023/8/10
Statement：
1.Date of the board of directors resolution:2023/08/10
2.Reason for capital reduction:In line with the group's capital planning, Sinyi Estate (Hongkong) Limited, a 100% indirectly held subsidiary of the Company, intends to reduce share capital.
3.Amount of capital reduction:US$60,000 thousand
4.Cancelled shares:Not applicable
5.Capital reduction percentage:28.98%
6.Share capital after capital reduction:US$147,011 thousand
7.Scheduled date of the shareholders meeting:2023/08/10
8.Estimated no.of listed common shares after issuance of new shares upon capital reduction:Not applicable
9.Estimated ratio of listed common shares after issuance of new shares upon capital reduction to outstanding common shares:Not applicable
10.Please explain any countermeasures for lower circulation in shareholding if the aforesaid estimated no.of listed common shares upon capital reduction does not reach 60 million and the percentage does not reach 25%:Not applicable
11.The record date for capital reduction:Not applicable
12.Any other matters that need to be specified: (1)This proposal is based on the Company's 100% indirectly held subsidiary's capital reduction announced on the Aug. 4th 2023, which was the fact that Jiu Xin Estate (Wuxi) Limited's cash capital reduction and remittance at the amount of US$60,000 thousand(remitted in RMB), and the following planning. (2)The above-mentioned fund through the current investment structure, Sinyi Estate (Hong Kong)Limited decreases capital by equal amount and remits the funds to Sinyi Estate Ltd., its parent company. Then, Sinyi Estate Ltd. decreases the capital by the same amount in cash and remits the funds to its parent company Sinyi International Limited, for the overall use of the group. Except if due to the impact of exchange rate fluctuations, the actual remittance amount might not be enough for the remittance of US$ 60,000 thousand, the board would approve or authorize the chairman to make a resolution to adjust the amount of capital reduction, the Company shall announce the actual amount of capital reduction. (3)Sinyi Estate Ltd. is an major subsidiary of the Company, the capital reduction of the above-mentioned companies describes the same event, The date of resolution of the board of directors and the expected date of the shareholders’ meeting of the remaining subsidiaries are the same. Therefore, we announced these together to provide investors with overall understanding of how these work. (4)Sinyi Estate Ltd. eliminates 60,000 thousand shares; capital reduction ratio: 28.78%; Share capital after capital reduction: USD 148,511 thousand; the record date for capital reduction: Not applicable (5)Plan for expected share replacement operations:Not applicable (6)Record date of replacement of shares:Not applicable (7)Book closure starting date:Not applicable (8)Book closure ending date:Not applicable (9)Rights and obligations of the new shares after capital reduction: Same as the original issued shares. (10)Anticipated listing date for the new shares:Not applicable