Yungtay Engineering : On behalf of the subsidiary Yungtay Elevator Equipment (China) Co., Ltd., the board of directors announced the adoption of organizational adjustment

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Provided by: YUNGTAY ENGINEERING CO., LTD.
SEQ_NO	2	Date of announcement	2022/02/11	Time of announcement	21:15:33
Subject	On behalf of the subsidiary Yungtay Elevator Equipment (China) Co., Ltd., the board of directors announced the adoption of organizational adjustment
Date of events	2022/02/11	To which item it meets	paragraph 20
Statement	1.Name and nature of the underlying assets (if preferred shares, the terms and conditions of issuance shall also be indicated, e.g., dividend yield, etc.): The board of directors of the company passed a resolution to disposal of the subsidiaries of the subsidiary "Yungtay Elevator Equipment (China) Co." "Yungtay Elevator Equipment(Sichuan)Co.", "Yungtay Elevator Equipment(Tianjin)Co." "Yungtay Elevator Equipment(Vietnam)Co." the entire equity . 2.Date of occurrence of the event:2022/02/11 3.Amount, unit price, and total monetary amount of the transaction: Number of transaction units: 100% equity of (1)Yungtay Elevator Equipment(Sichuan)Co. (2)Yungtay Elevator Equipment(Tianjin)Co. (3)Yungtay Elevator Equipment(Vietnam)Co. Price per unit: N/A Total transaction amount: (1)Yungtay Elevator Equipment(Sichuan)Co.: RMB 113,131-144,085 thousand (2)Yungtay Elevator Equipment(Tianjin)Co.:RMB 384,471-446,696 thousand (3)Yungtay Elevator Equipment(Vietnam)Co.:RMB 8,121-8,125 thousand 4.Trading counterparty and its relationship with the Company (if the trading counterparty is a natural person and furthermore is not a related party of the Company, the name of the trading counterparty is not required to be disclosed): Transaction counterparty: Yungtay Engineering Co.,LTD Relationship with the company: Indirectly 100% owned by the parent company of the company. 5.Where the trading counterparty is a related party, announcement shall also be made of the reason for choosing the related party as trading counterparty and the identity of the previous owner, its relationship with the Company and the trading counterparty, and the previous date and monetary amount of transfer: Reason for selecting the related person as the transaction object:The object of this transaction is the parent company that indirectly holds 100% of the company.Internal organization structure adjustment and management consideration of the group, and disopsal (1) Yungtay Elevator Equipment(Sichuan)Co. (2) Yungtay Elevator Equipment(Tianjin)Co. and (3) Yungtay Elevator Equipment(Vietnam)Co. All equity. The owner of the previous transfer, the relationship between the owner 6.Where an owner of the underlying assets within the past five years has been a related party of the Company, the announcement shall also include the date and price of acquisition and disposal by the related party, and its relationship with the Company at the time of the transaction:None. 7.Matters related to the current disposal of creditors' rights (including types of collaterals of the disposed creditor's rights; if creditor's rights over a related party, announcement shall be made of the name of the related party and the book amount of the creditor's rights, currently being disposed of, over such related party):None. 8.Profit or loss from the disposal (not applicable in cases of acquisition of securities) (those with deferral should provide a table explaining recognition):None. 9.Terms of delivery or payment (including payment period and monetary amount), restrictive covenants in the contract, and other important terms and conditions: The equity transfer shall be carried out after obtaining the permission of the relevant competent authority. 10.The manner of deciding on this transaction (such as invitation to tender, price comparison, or price negotiation), the reference basis for the decision on price, and the decision-making unit: The decision method of this transaction and the reference basis for the price decision: The transaction price is determined with reference to the asset appraisal report on November 30, 2021 as the base date and the price rationality opinion issued by CPA Jin Lixin. 11.Net worth per share of the Company's underlying securities acquired or disposed of:None 12.Cumulative no.of shares held (including the current transaction), their monetary amount, shareholding percentage, and status of any restriction of rights (e.g., pledges), as of the present moment: (1)Yungtay Elevator Equipment(Sichuan)Co.: RMB 152,000 thousand (2)Yungtay Elevator Equipment(Tianjin)Co.: RMB 200,000 thousand (3)Yungtay Elevator Equipment(Vietnam)Co.: USD 800 thousand 13.Current ratio of securities investment (including the current trade, as listed in article 3 of Regulations Governing the Acquisition and Disposal of Assets by Public Companies) to the total assets and equity attributable to owners of the parent as shown in the most recent financial statement and working capital as shown in the most recent financial statement as of the present: Proportion of total assets in the company's most recent financial statement: 14.26%-16.90% Proportion of equity attributable to owners of parent company: 38.89%-46.06% Amount of working capital in the most recent financial statements: RMB 452,146 thousand 14.Broker and broker's fee:None 15.Concrete purpose or use of the acquisition or disposal: Adjust the internal organizational structure of the group. 16.Any dissenting opinions of directors to the present transaction:None 17.Whether the counterparty of the current transaction is a related party:Yes 18.Date of the board of directors resolution:2022/02/11 19.Date of ratification by supervisors or approval by the Audit Committee:NA 20.Whether the CPA issued an unreasonable opinion regarding the current transaction:Np 21.Name of the CPA firm:Shanghai Essence Certified Public Accountants Co., Ltd. 22.Name of the CPA:Jin Lixin 23.Practice certificate number of the CPA:NA 24.Whether the transaction involved in change of business model:None 25.Details on change of business model:None 26.Details on transactions with the counterparty for the past year and the expected coming year:None 27.Source of funds:None 28.Any other matters that need to be specified:None