St Gaosheng (000971): Receiving Judgment And Litigation Progress

Stock Code: 000971 stock abbreviation: St Gaosheng Announcement No.: 2021-48

Gaosheng Holding Co., Ltd. received the civil judgment of Beijing Higher People's court

Notice of proceedings

The company and all members of the board of directors guarantee that the contents of information disclosure are true, accurate and complete, and there are no false records, misleading statements or major omissions.

Gaosheng Holding Co., Ltd. (hereinafter referred to as "the company" or "Gaosheng Holdings") recently received the civil judgment (No. 2021) jingminzhong No. 26 issued by Beijing Higher People's Court (hereinafter referred to as "Beijing High Court"). The relevant matters are hereby announced as follows:

1、 Basic information

In June 2017, landing industry (Hubei) Co., Ltd. (hereinafter referred to as "landing industry") borrowed money from Beijing Zhongtai chuangying Enterprise Management Co., Ltd. (hereinafter referred to as "Zhongtai chuangying"), and Zhongtai chuangying entrusted Baiyu sub branch of Bank of Shanghai Co., Ltd. (hereinafter referred to as "Baiyu sub branch of Bank of Shanghai") to lend money to Lanting industry, The three parties signed the "contract for loan of RMB unit entrusted loan" and its supplementary agreement, with the loan amount of RMB 450 million yuan only? The annual interest rate of the loan is 15%, and the loan period is 6 months (from June 13, 2017 to December 13, 2017).

Wei Zhenyu, the then chairman and legal representative of the company, illegally used the official seal and issued a third party unlimited joint and several liability guarantee to Baiyu sub branch of Bank of Shanghai and Zhongtai chuangying to provide unlimited joint and several liability guarantee for the loan of landing industry. At the same time, its related party Pacific optical cable data communication Co., Ltd. also provided unlimited joint and several liability guarantee for the loan.

Zhongtai chuangying filed a lawsuit with Beijing No.4 Central People's court for guaranteeing the contract dispute, suing the company and Taiping

As the guarantor, Yang optical cable data communication Co., Ltd. repays the loan balance of Zhongtai chuangying of RMB 13152600 and liquidated damages (based on the loan principal of RMB 13152600, calculated at the annual interest rate of 24% from January 31, 2018 to the date of payment). According to the (2020) Jing 04 min Chu No. 7 Civil Judgment issued by the first instance of Beijing Fourth Central People's court, the third party unlimited joint and several liability guarantee with the company's official seal only is invalid without the resolution of the company's general meeting. Beijing No.4 Central People's court will not support the claim of Zhongtai chuangying demanding the company to repay the loan principal and pay liquidated damages. Zhongtai chuangying refused to accept the first instance decision and appealed to the Beijing high court. After filing the case on February 20, 2021, the Beijing High Court formed a collegial panel according to law and held a public hearing.

On January 26, 2019, March 27, 2019, January 14, 2020 and September 30, 2020, the company issued the announcement on the freezing of major shareholders' shares and the company's illegal guarantee and capital occupation (Announcement No.: 2019-07), notice on reply to Shenzhen Stock Exchange's attention letter (Announcement No.: 2019-26), and The announcement on receiving the notice of responding to an action and relevant legal documents of the fourth intermediate people's Court of Beijing (No. 2020-06) and the notice on receiving the civil judgment and litigation progress of the fourth intermediate people's Court of Beijing (No. 2020-80) disclosed the matter.

2、 Judgment results of second instance

According to the (2021) jingminzhong No.26 civil judgment issued by Beijing High Court, without the resolution of the general meeting of shareholders of the company, the representative behavior of then chairman Wei Zhenyu is invalid, and the third party unlimited joint and several liability guarantee with the company's official seal is invalid to the company. Therefore, the Beijing High Court did not support the appeal opinion of Zhongtai chuangying on the company's liability. This judgment is final.

3、 Impact on the company

According to the above civil judgment issued by Beijing High Court, the company does not bear joint and several liability and relevant litigation costs for Zhongtai chuangying case. This judgment is the final judgment, and this lawsuit is for the public

The normal operation of the company has no significant impact. In this case, the company's accrued estimated liabilities of 5.36 million yuan will be written back in 2021, which is expected to have a profit impact of 5.36 million yuan on the company's net profit in 2021.

4、 Others

China Securities Journal, Shanghai Securities Journal, securities times, securities daily and www.cninfo.com.cn are designated media for information disclosure of the company. All information shall be subject to the announcement published by the company in the above designated media. Please pay attention to the company's announcement and investment risk. It is hereby announced.

Board of directors of Gaosheng Holding Co., Ltd

August 3, 2012