Jinan Acetate Chemical : Group Investment Structure Adjustment Subsidiary Equity Transfer

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Provided by: Jinan Acetate Chemical Co., LTD.
SEQ_NO	3	Date of announcement	2022/08/15	Time of announcement	21:36:19
Subject	Group Investment Structure Adjustment Subsidiary Equity Transfer
Date of events	2022/08/15	To which item it meets	paragraph 20
Statement	1.Name and nature of the underlying assets (if preferred shares, the terms and conditions of issuance shall also be indicated, e.g., dividend yield, etc.):Acetek Momentum Co., Ltd. 28.65% Equity 2.Date of occurrence of the event:2022/08/15~2022/08/15 3.Amount, unit price, and total monetary amount of the transaction: (1) Number of transaction units: 28.65% equity (2) Price per unit: Not applicable (3) Total transaction amount: USD 4,000,000 4.Trading counterparty and its relationship with the Company (if the trading counterparty is a natural person and furthermore is not a related party of the Company, the name of the trading counterparty is not required to be disclosed): seller (1) Transaction counterparty:My Parents Living Technology Limited (2) Relationship with the company: a subsidiary of the company buyer (1) Transaction counterparty:Jinan Acetate Chemical Co., LTD.(China) (2) Relationship with the company: the company's grandson company 5.Where the trading counterparty is a related party, announcement shall also be made of the reason for choosing the related party as trading counterparty and the identity of the previous owner, its relationship with the Company and the trading counterparty, and the previous date and monetary amount of transfer: This is due to the adjustment of the Group's investment structure, and this transaction has no impact on the Company's financial business and shareholders' equity. 6.Where an owner of the underlying assets within the past five years has been a related party of the Company, the announcement shall also include the date and price of acquisition and disposal by the related party, and its relationship with the Company at the time of the transaction: Not applicable. 7.Matters related to the current disposal of creditors' rights (including types of collaterals of the disposed creditor's rights; if creditor's rights over a related party, announcement shall be made of the name of the related party and the book amount of the creditor's rights, currently being disposed of, over such related party):Not applicable. 8.Profit or loss from the disposal (not applicable in cases of acquisition of securities) (those with deferral should provide a table explaining recognition): This is due to the adjustment of the Group's investment structure, and this transaction has no impact on the Company's financial business and shareholders' equity. 9.Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important terms and conditions: It is handled in accordance with the equity transfer contract. 10.The manner of deciding on this transaction (such as invitation to tender, price comparison, or price negotiation), the reference basis for the decision on price, and the decision-making unit: The internal organizational structure of the group was approved by the audit committee and the board of directors of the company on August 15, 2022 For the reorganization, the transfer price is based on the financial statements and appraisal report for the second quarter of 2022 checked by accountants. 11.Net worth per share of the Company's underlying securities acquired or disposed of:Not applicable. 12.Cumulative no.of shares held (including the current transaction), their monetary amount, shareholding percentage, and status of any restriction of rights (e.g., pledges), as of the present moment: Due to the reorganization of the internal organizational structure of the group, My Parents Living Technology Limited transferred the 28.65% equity of Acetek Momentum Co., Ltd. it held to Jinan Acetate Chemical Co., LTD.(China) 13.Current ratio of securities investment (including the current trade, as listed in article 3 of Regulations Governing the Acquisition and Disposal of Assets by Public Companies) to the total assets and equity attributable to owners of the parent as shown in the most recent financial statement and working capital as shown in the most recent financial statement as of the present: Portfolio investment as a percentage of the company's most recent financial statement's total assets: 0% Portfolio investment as a percentage of equity attributable to owners of the parent company: 0% Amount of working capital in the most recent financial statements: RMB 1,205,178,000 14.Broker and broker's fee:Not applicable. 15.Concrete purpose or use of the acquisition or disposal: This is due to the adjustment of the Group's investment structure, and this transaction has no impact on the Company's financial business and shareholders' equity. 16.Any dissenting opinions of directors to the present transaction:none 17.Whether the counterparty of the current transaction is a related party:YES 18.Date of the board of directors resolution:2022/08/15 19.Date of ratification by supervisors or approval by the Audit Committee:2022/08/15 20.Whether the CPA issued an unreasonable opinion regarding the current transaction:Not applicable. 21.Name of the CPA firm:Not applicable. 22.Name of the CPA:Not applicable. 23.Practice certificate number of the CPA:Not applicable. 24.Whether the transaction involved in change of business model:NO 25.Details on change of business model: It belongs to the adjustment of the Group's investment structure and does not involve changes in the operating model. 26.Details on transactions with the counterparty for the past year and the expected coming year:Not applicable. 27.Source of funds:Not applicable. 28.Any other matters that need to be specified: This is due to the adjustment of the Group's investment structure, and this transaction has no impact on the Company's financial business and shareholders' equity.