TU-TESL

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On the evening of October 25, Jinbei Automobile Co., Ltd. (hereinafter referred to as "Jinbei Automobile") issued a notice to transfer 95% shares of Tieling brilliance pixel Products Co., Ltd. (hereinafter referred to as "Tieling brilliance"), and the initial listing price shall not be less than the equity evaluation value multiplied by the equity ratio to be sold, that is, about RMB 119 million. Jinbei Automobile said that the reason for this listing transfer is to adjust the business structure and implement the company's medium and long-term development strategy. It will publicly solicit trading partners in Shenyang united property rights exchange. At present, it has been approved by the board of directors of the company, but it still needs to be approved by the management department of the state owned assets supervision and Administration Commission at a higher level. It is reported that Tieling brilliance is mainly engaged in research and development, design, production of various types of automotive sealing, shock absorption, interior and exterior trim and other rubber and plastic products. Shenyang Jinchen Automobile Technology Development Co., Ltd., a wholly-owned subsidiary of Jinbei Automobile, holds 95% of the shares of Tieling Huachen, and the state owned assets supervision and Administration Commission of Tieling Municipal government holds 5% of the shares of Tieling Huachen. That is to say, after the completion of this transaction, Shenyang Jinchen automobile Technology Development Co., Ltd., a wholly-owned subsidiary of Jinbei Automobile, will no longer hold the shares of Tieling Huachen. On the same day, Jinbei Automobile disclosed the progress of transferring the equity of Shenyang Jinbei Housing Development Co., Ltd. previously. The board of directors has agreed to transfer 100% of the equity of Shenyang Jinbei Housing Development Co., Ltd. to Shenyang Automobile Industry Asset Management Co., Ltd. and completed the equity change registration procedures on September 24. Industry insiders said that the purpose of frequent asset sales of Jinbei Automobile is obvious. On the one hand, it is to adjust its business, on the other hand, it can ease the pressure on its business performance and further focus on its main business.