Golden Eagle (600232): To Transform The Shengzhou Branch Into A Wholly Owned Subsidiary.

600232.SH announces that in order to enhance the vitality of Shengzhou branch's operation, the company intends to transform all the physical assets of the Shengzhou branch and related claims and liabilities into wholly owned subsidiaries. The registered capital of Shengzhou subsidiary is about 54 million 708 thousand and 100 yuan (whichever is the final registration of industry and Commerce).

It is proposed to set up a subsidiary company, Zhejiang Golden Eagle Limited by Share Ltd, Shengzhou linen textile branch: business scope: processing and marketing: textiles. In the above-mentioned business scope, production and operation shall be carried out on the basis of a permit if it is to be produced or operated on the basis of a license. (change) (legally approved projects can be carried out after approval by the relevant departments).

Zhejiang Golden Eagle Limited by Share Ltd Shengzhou Ma textile branch business scope: processing and marketing: textiles. In the scope of the above operation, the production and operation of the license shall be made on the basis of license. (change) (legally approved projects can be carried out after approval by the relevant departments).

The establishment of a subsidiary in Shengzhou is conducive to enhancing the vitality of business operation. As an independent legal entity, enterprises operate independently and shoulder their own profits and losses, which is conducive to improving management efficiency and enhancing market competitiveness. The establishment of Shengzhou subsidiary has broadened the space for the future development of enterprises.

The restructuring is a wholly owned subsidiary of the existing Shengzhou branch's total assets and related liabilities, which will not affect the scope of merger and attribution to the interests of the parent company.

The restructuring of the branch company to a wholly owned subsidiary is conducive to enhancing business vitality and improving market competitiveness. The decision-making process is in line with the provisions of national laws, regulations and policies, and is conducive to promoting the continuous development of the company's business and in line with the interests of all shareholders.