Certain A Shares of Sinomag Technology Co., Ltd. are subject to a Lock-Up Agreement Ending on 25-MAY-2023.
May 24, 2023
Share
Certain A Shares of Sinomag Technology Co., Ltd. are subject to a Lock-Up Agreement Ending on 25-MAY-2023. These A Shares will be under lockup for 1100 days starting from 20-MAY-2020 to 25-MAY-2023.
Details:
The company's controlling shareholders and the actual controllers Xiong Yonghong and Xiong Yongge; Zhu Xudong, Xiong Yongxin, Zhu Xinsheng and Tan Leshun and Chen Zhengyou, the shareholdesr of the company; committed that within 36 months since the date of listing of the present shares, there will not be no transfers nor entrustment of shares to any third party nor repurchase by the Company. If, within 6 months after the issuer's listing, the closing price of the shares is lower than issuance price for 20 consecutive trading days or if trading price is lower than issuance price after 6 month from listing, lock-up period will be automatically extended for another 6 months. If there is any case of dividends, bonus shares, capitalization of capital reserve and other similar cases, issue price will be adjusted according to ex-dividend and ex-interests.
As a company director and senior management shareholder Xiong Yan'ao; the company's supervisor and shareholder Chen Zhengyou promised that within 12 months since the date of listing of the present shares, there will not be no transfers nor entrustment of shares to any third party nor repurchase by the Company. If, within 6 months after the issuer's listing, the closing price of the shares is lower than issuance price for 20 consecutive trading days or if trading price is lower than issuance price after 6 month from listing, lock-up period will be automatically extended for another 6 months. If there is any case of dividends, bonus shares, capitalization of capital reserve and other similar cases, issue price will be adjusted according to ex-dividend and ex-interests.
Shareholders Zhang Yong, Zhang Xixia, Zuo Juzhen, Wang Hui promised that within 36 months since the date of listing of the present shares, there will not be no transfers nor entrustment of shares to any third party nor repurchase by the Company. If, within 6 months after the issuer's listing, the closing price of the shares is lower than issuance price for 20 consecutive trading days or if trading price is lower than issuance price after 6 month from listing, lock-up period will be automatically extended for another 6 months. If there is any case of dividends, bonus shares, capitalization of capital reserve and other similar cases, issue price will be adjusted according to ex-dividend and ex-interests. If any of the parties were to resign within 6 months from the present IPO, neither direct nor indirect holdings might be transferred or sold for 18 months since the date of rescinding. If the parties resign within 7 to 12 months after the IPO, neither direct nor indirect holdings might be transferred or sold for 12 months since the date of rescinding.
The other shareholders of the company promised that within 12 months since the date of listing of the present shares, there will not be no transfers nor entrustment of shares to any third party nor repurchase by the Company.
Sinomag Technology Co Ltd is a China-based company mainly engaged in the research and development, manufacturing and sales of permanent magnet ferrite new functional materials. Its main products are wet-pressed magnetic tiles, commutators and other products, which are mainly used in the automotive, motorcycle and frequency conversion home appliance industries. The Company also provides outsourced processing products such as plastic magnets, rubber magnets, magnetic tiles and magnetic rings. The Company distributes its products in domestic and to overseas markets.