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Clarification Announcement

Published:2016-12-27

Stock Code: 600485        Stock Name: Xinwei Group        Ann No.: Lin 2016-185

 

Beijing Xinwei Technology Group Co., Ltd. 

Clarification Announcement

 

(The Board of Directors and all the directors of the Company warrant that this announcement contains no false representation, misleading statement or material omission, and shall be jointly and severally liable for the truthfulness, accuracy and completeness of the contents in this announcement.)

 

Highlights:

A media report indicated that the market value of the pledged share held by Mr. Wang Jing, the actual controller of the Company, may have fallen below the close-out level.

 

I. Summary of the Media Report

Recently, a media report titled “Xinwei Group Suspended Trading Today As Value of Pledged Shares Held by Actual Controller Wang Jing May Have Fallen Below Close-out Level (《澳门赌城集团实控人王靖质押项或已跌破平仓线 今日停牌》)” indicated that “according to the previous announcements published by Xinwei Group, its controlling shareholder Mr. Wang Jing has pledged 400 million restricted tradable shares (representing 13.68% of the total share capital of the Company) to the China Development Bank Co., Ltd. on 29 July 2015. It is reported that the title1= level and close-out level of these shares are 17.4 RMB and 15.08 RMB respectively based on the calculation made by some media, which means that the price of the pledged shares may have fallen below the close-out level.”

 

II. Clarification Statement

The Company has immediately verified such information with Mr. Wang Jing, the controlling shareholder and actual controller of the Company after learning about the above report and would like to clarify as follows:

 

The value of the above-mentioned pledged share held by Mr. Wang Jing, the controlling shareholder and actual controller of the Company, has not fallen below the close-out level. The media report contains major deviation from the facts. Besides, the other shares pledged by Mr. Wang Jing for financing purpose have secured conditions outperforming market average and have never triggered the close-out level.

 

Mr. Wang Jing declared that he would make proper finance arrangement in advance and ensure timely replenishment of collateral for any potential fluctuations in the share price, to mitigate and prevent close-out risk. In case such risk is triggered, Mr. Wang Jing will ensure the ownership stability of the pledged shares by means of early repayment or share repurchase.

 

III. Risk Alert

 

The Company wishes to remind the investors to refer to announcements posted on China Securities Journal and the Shanghai Stock Exchange website (www.sse.com.cn), our designated information disclosure outlet, when seeking information about the Company. Shareholders and potential investors are advised to be aware of the investment risks and exercise caution when dealing in the shares.

 

The Board of Directors
Beijing Xinwei Technology Group Co., Ltd.
27 December 2016

Copyright © Beijing Xinwei Technology Group. Co., Ltd. All rights reserved. Stock code: 600485

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