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- On behalf of subsidiary, Shanghai Sinyi Real Estate Inc. to announce the improvement plan
2023-12-27
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On behalf of subsidiary, Shanghai Sinyi Real Estate Inc. to announce the improvement plan
Subject：On behalf of subsidiary, Shanghai Sinyi Real Estate Inc. to announce the improvement plan
To which item it meets：paragraph 51
Date of events： 2023/12/27
Statement:
1.Date of occurrence of the event:2023/12/27
2.Company name:Shanghai Sinyi Real Estate Inc.
3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):subsidiaries
4.Reciprocal shareholding ratios:the Company's 100% indirectly owned subsidiary
5.Cause of occurrence:The amount of Shanghai Sinyi Real Estate Limited, the Company’s subsidiary’s, loaning to others has been more than the upper limit due to the audited net value of Shanghai Sinyi Real Estate Limited as of 2022/12/31. The Company had requested the subsidiary stipulate the improvement plan which has been reported to the Company’s Board of Directors on 2023/3/29. However, the Company has received the letter sent by the Financial Supervisory Commission (Taiwan) to ask the Company to announce the matter of loaning to others being more than the upper limit.
6.Countermeasures: 1. In accordance with the provisions of the above letter, the implementation situation will be reported to the board of directors of the Company on a quarterly basis, and the implementation situation will be reported at the next shareholders' meeting of the Company. 2. Shanghai Sinyi Real Estate Limited has reported to the Company’s Board of Directors about the improvement plan which stated that Chuzhou Ya Zhan Functional Agricultural Science and Technology Co., Ltd. would eased its operation and planned to dispose its assets to repay the loan and the plan of repayment will be finished before the end of 2023. 3. After Shanghai Sinyi Real Estate Limited implemented collection procedures for Chuzhou Yazhan's other receivables and evaluated the recoverability of the accumulated principal and interest at the amount of RMB 6,923,000, Shanghai Sinyi Real Estate Limited fully recognized impairment loss and write off the other receivable.
7.Any other matters that need to be specified (the information disclosure also meets the requirements of Article 7, subparagraph 9 of the Securities and Exchange Act Enforcement Rules, which brings forth a significant impact on shareholders rights or the price of the securities on public companies.): none.
To which item it meets：paragraph 51
Date of events： 2023/12/27
Statement:
1.Date of occurrence of the event:2023/12/27
2.Company name:Shanghai Sinyi Real Estate Inc.
3.Relationship to the Company (please enter ”head office” or ”subsidiaries”):subsidiaries
4.Reciprocal shareholding ratios:the Company's 100% indirectly owned subsidiary
5.Cause of occurrence:The amount of Shanghai Sinyi Real Estate Limited, the Company’s subsidiary’s, loaning to others has been more than the upper limit due to the audited net value of Shanghai Sinyi Real Estate Limited as of 2022/12/31. The Company had requested the subsidiary stipulate the improvement plan which has been reported to the Company’s Board of Directors on 2023/3/29. However, the Company has received the letter sent by the Financial Supervisory Commission (Taiwan) to ask the Company to announce the matter of loaning to others being more than the upper limit.
6.Countermeasures: 1. In accordance with the provisions of the above letter, the implementation situation will be reported to the board of directors of the Company on a quarterly basis, and the implementation situation will be reported at the next shareholders' meeting of the Company. 2. Shanghai Sinyi Real Estate Limited has reported to the Company’s Board of Directors about the improvement plan which stated that Chuzhou Ya Zhan Functional Agricultural Science and Technology Co., Ltd. would eased its operation and planned to dispose its assets to repay the loan and the plan of repayment will be finished before the end of 2023. 3. After Shanghai Sinyi Real Estate Limited implemented collection procedures for Chuzhou Yazhan's other receivables and evaluated the recoverability of the accumulated principal and interest at the amount of RMB 6,923,000, Shanghai Sinyi Real Estate Limited fully recognized impairment loss and write off the other receivable.
7.Any other matters that need to be specified (the information disclosure also meets the requirements of Article 7, subparagraph 9 of the Securities and Exchange Act Enforcement Rules, which brings forth a significant impact on shareholders rights or the price of the securities on public companies.): none.
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