Nanfang Shares (600250): Assets Reorganization Issues Have Been Approved

Nanfang shares (600250) announced that in August 9, 2019, the company received the approval of the Jiangsu provincial government's state-owned assets supervision and Administration Commission (hereinafter referred to as the Jiangsu SASAC) on the reorganization of assets of the Nanjing textiles import and export Limited by Share Ltd (2019]31).

First, the nine board of directors of the ninth session of Nanfang Textile Co., Ltd. deliberated on the motion of issuing shares through the company to purchase assets and raise matching funds and related party transactions. Upon examination, the Jiangsu SASAC agreed to the Nanfang textile company to reorganize its assets and issue shares according to the resolution of the board of directors. That is to say, Nanfang shares purchased the 51% share rights of Nanjing Qinhuai scenery and tourism Limited by Share Ltd held by Nanjing Confucius temple cultural tourism group limited by issuing shares. At the same time, the non-public offering method was adopted to raise the matching funds to Nanjing Tourism Group Co., Ltd. the total amount raised was not more than 80 million yuan, which was used to supplement the liquidity of Nanfang shares, and the remaining part paid the intermediary agency cost and other related expenses of the transaction. The pricing principles and pricing methods for issuing shares are implemented according to the existing regulations.

Two, the assets appraisal report of the assets reorganization mentioned above shall be reported to the Jiangsu SASAC for the record.