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OPINION ON THE STATUS OF THE JUDICIAL LIQUIDATION OF A 100% SUBSIDIARY
The filing of an application for judicial liquidation in France by YTO France SAS (hereinafter referred to as “YTO France“), a wholly owned subsidiary of First Tractor Company Limited (hereinafter referred to as”Company“), was considered and approved at the 29th meeting of the eighth session of the Board of Directors of the Company. For more details, please refer to the announcement relating to the application for compulsory liquidation by a 100-owned subsidiary % of First Tractor Company Limited published by the Company on the website of The Stock Exchange of Hong Kong Limited on May 13, 2021.
YTO France filed an application for judicial liquidation with the Commercial Court of Chaumont, Haute-Marne, France on May 19, 2021 and received a judgment on June 11, 2021 which authorized the opening of judicial liquidation proceedings against of YTO France and appointed a special judge, liquidator and other persons appointed to establish a list of declared debts and to carry out a precise inventory and a quantitative evaluation of the goods held by YTO France. In application of the applicable French laws, the time limit within which the judicial liquidation control procedures must be completed is set at 24 months.
The Company will disclose the relevant information in a timely manner depending on the progress of the judicial liquidation of YTO France. Investors are advised to be aware of the investment risks involved.
By order of the Council
FIRST TRACTOR COMPANY LIMITED *
June 11, 2021
On the date of this announcement, the Board is composed of Mr. Li Xiaoyu (Chairman) and Mr. Liu Jiguo as Executive Directors; Mr. Li Hepeng, Mr. Xie Donggang and Mr. Zhou Honghai as non-executive directors; and Ms. Yang Minli, Ms. Wang Yuru and Mr. Edmund Sit as independent non-executive directors.