*ST Gaosheng (000971): Progress Of Bankruptcy Of First Largest Shareholder

Stock Code: 000971 securities short: *ST, Gao Sheng Announcement No.: 2019-116

Gaosheng Cmi Holdings Ltd's announcement on the bankruptcy of Beijing Yu Chi Reed Investment Co., Ltd., the largest shareholder of the company

All members of the company and the board of Directors ensure that the contents of the announcement are true, accurate and complete, without false records, misleading statements or major omissions.

Gaosheng Cmi Holdings Ltd (hereinafter referred to as the "company") has recently received the notice and relevant legal documents of the company's largest shareholder, Beijing Yu Chi Reed Investment Limited (hereinafter referred to as "Yu Chi Reed"), and the relevant legal documents. Yu Chi Reed was ruled bankrupt by the Fangshan District people's Court of Beijing (hereinafter referred to as the "Fangshan court"). The specific contents are hereby announced as follows:

I. Basic Situation

In July 8, 2019, Yu Chi Reed was unable to repay his debts due to insolvency and filed for bankruptcy in the Fangshan court. The court of justice of Fangshan issued a civil ruling in July 11, 2019 [(2019) Jing 0111 Shen Shen 19], and Adjudication of Yu Chi Reed's bankruptcy application. The specific contents are detailed in the announcement of the company's largest shareholder, Beijing Yu Chi Reed Investment Co., Ltd., which was published in the designated information disclosure media in July 13, 2019 and September 4, 2019 respectively, by the court for adjudication of bankruptcy application (Bulletin number: 2019-71) and "progress announcement on the bankruptcy of the company's largest shareholder, Beijing Yu Chi Reed Investment Co., Ltd." (Bulletin number: 2019-100).

Two. Progress

Recently, the company received the notice on the progress of Yu Chi Reed bankruptcy case sent by Yu Chi Reed bankruptcy administrator to the company. (Yu Chi Reed bankruptcy administrator file 2019 broke thirty-ninth.

Hereinafter referred to as the "progress notice", the main contents of the "progress notice" are as follows:

Yu Chi Reed held the first creditor's meeting in October 14, 2019. The creditors of the meeting voted to pass the "property (stock) price fixing plan" within a specified time limit. At the same time, the manager found out that Yu Chi Reed's assets were not enough to repay all debts. During the limited period after the first creditors' meeting, the manager did not receive the intention to reorganize or reconcile Yu Chi Reed, such as the debtor, the debtor's investor and creditor. Therefore, the administrator made an application to the Fangshan Court on October 2019 28 to declare Yu Chi Reed bankrupt, and asked for the implementation of the "property (stock) price change plan" as soon as Yu Chi Reed was declared bankrupt. In October 29, 2019, the Fangshan court made (2019) Jing 0111 broken 3-1 civil ruling, ruled that Yu Chi Reed was bankrupt and sent the above civil ruling to the administrator 1 days in November 2019.

After receiving the above civil ruling, the administrator will immediately carry out the disposal of the company's shares held by Reed. After publishing this announcement in the designated information disclosure media, the manager will publish the announcement of "Beijing Yu Chi Reed Investment Co., Ltd. bankruptcy liquidation case openly collecting the intention assignee" in other relevant media and channels.

Three, the impact on the company

Up to now, Yu Chi Reed holds 158550396 shares of the company, all of which are restricted to the sale of shares, accounting for 14.97% of the total share capital of the company. If the above company's shares are disposed of by bankruptcy proceedings, the company's control rights may change. Whether the bankruptcy matter will cause other impacts on the company is still uncertain.

The impact of Yu Chi Reed bankruptcy process on listed companies is uncertain. The company will continue to pay attention to the progress of the matter and fulfill the obligation of information disclosure in accordance with relevant regulations.

Four, other tips

The information disclosure media designated by the company are China Securities Journal and Shanghai Securities Daily.

"Securities Times", "Securities Daily" and "www.cninfo.com.cn", all the information of the company is based on the notice published by the company in the above media.

We invite investors to pay close attention to investment risks. Notice hereby

Gaosheng Cmi Holdings Ltd board of directors

Two O 19 November 12th