ࡱ> ^`] R%bjbj2`eex%  8L""x"""""""$$['<"<"4Q""" "tr"g"0"'p''n H>,$HHH<"<"@dHHH"'HHHHHHHHH , L: Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2018-05 Hangzhou Steam Turbine Co., Ltd. Announcement on the abandonment of the priority subscription rights The members of the Board and the Company acknowledge being responsible for the truthfulness, accuracy, and completeness of the announcement. Not any false record, misleading statement or significant omission carried in this announcement. Special Notice: 1. Hangzhou Steam Turbine Casting Co., Ltd, which is the holding subsidiary of Hangzhou Steam Turbine Co., Ltd (hereinafter referred to as the Company ), plans to increase the registered capital from RMB 22 million to RMB 30 million, with the company waives the preemptive subscription right of capital contribution in this capital increase. 2. This matter is not a major asset restructuring, nor is a related party transaction. In accordance with the relevant laws and regulations such as the Stock Listing Rules of the Shenzhen Stock Exchange and the Articles of Association of the Company, this matter, which is within the authorized right scope of decision-making to the Board of Directors, does not need to be submitted to the shareholders general meeting of the company for consideration and approval, however shall be reported and filed to the management department of state-owned assets for approval. 3.The Casting company needs to complete the works including the related assets evaluation and audit to carry out the capital increase and share enlarging, and the company will fulfill the relevant procedures according to the relevant regulations and timely fulfill the obligations of information disclosure. I. Overview of the matter Due to the impact of the overall weak market of equipment manufacturing industry and the intensified market competition, the casting company lacks a sustained future profitability. In order to further strengthen the market competitiveness and ensure the sustainable development of business, the casting company plans to introduce new strategic investors by the means of capital increase and share enlarging, thus to upgrade its production capacity and enhance its comprehensive competitiveness. As of now, the registered capital of the casting company is RMB 22 million, which will be changed to be RMB 30 million after the completion of the capital increase. The price of per share for capital increase shall be determined through the asset assessment and audit by the engaged intermediary institution in accordance with the measures for the management of state-owned assets and be listed on the public property exchange market to carry out the transaction, with the transaction price shall not be lower than the assessment value after being confirmed and filed by the state asset regulatory authority, and the transaction price will be determined on the basis of the results of the open listing. II. Casting company profile 1.Company name: Hangzhou Steam Turbine Casting Co., Ltd. 2.Date of establishment: March 1, 2004 3.Registered capital: RMB 22 million 4.Place of registration: No.2 Road, Tangxi Industry Area, Yuhang District, Hangzhou 5.Legal rerpesentaqtive: Yu Junming 6. Business scope: Production: resin sand cast steel, resin sand cast iron, organic fat glass of water glass castings, forgings; Installation, maintenance: Casting equipment; Sales: The company's products; import and export goods 7.The past three year's major financial indicators: January-September 2017December 31, 2016December 31,2015Total assets454,304,355.88406,270,109.45423,235,786.63Net assets161,238,668.91165,559,715.66168,816,708.11January-September 201720162015Operating income229,722,305.24286,947,144.79293,407,553.21Operating profit11,618,828.2617,925,093.554,821,660.73Net profit10,781,546.5217,095,623.205,944,783.768. Ownership structure ShareholdersShareholding ratioHangzhou Steam Turbine Co., Ltd.51%Yang Lianrong40%Casting company management team9%III. Deliberations by the Board On 26 January 2018, the Company held the 18th meeting of the 7th Board of Directors of the Company ended up with 10 votes consent, 0 votes objection and 0 votes abstention, approved the Proposal about the holding subsidiary planning to increase capital and share enlarging and the company waiving the preemptive subscription right of capital increase and agreed that the company waives the preemptive subscription right of capital increase in the casting companys capital increase. IV. The reasons why the Company gives up the preemptive subscription right of capital increase The decision to give up the preemptive subscription right of the capital increase is mainly based on the status quo and future development of the casting company. This is conducive for the casting company to fully use the social capital and enhance the market competitiveness and capital financing capacity. Meanwhile, the capital increase is conducive to further improve the casting companys management capabilities, making full use of the advantages of its resources in the foundry industry, utilizing the opportunity of market access of Foundry Industry, speeding up the transformation and upgrading through technological innovation, enhancing the core competitiveness of casting company, thus to achieve multi-win-win situation. The name of shareholders after Capital increaseShareholding ratio after capital increaseYang Lianrong40%Hangzhou Steam Turbine Co., Ltd.37.4%New strategic investors13.6%Casting company management team9%V. The impact on the listed Company (1) If this capital increase is completed, the stake of the casting company held by the Company will decreased to 37.4% from 51%. (2) After the completion of this capital increase, the Company will still retain a certain number of board seats in the casting company and shall have binding provisions in the Companys Articles of Association, which can effectively control the risk. There is no situation of harming the interests of the small and medium shareholders and the investors, and it will not have a significant impact on the company's financial position and operating results. VI. Special Opinions of Independent Directors The independent directors of the Company reckoned that: The companys giving-up of its preemptive subscription right to the capital increase under the same conditions of the transaction in this matter is the decision based on the status quo of the operation of the involved subsidiary, and the preemptive subscription right to be waived will be confirmed on the basis of audits and evaluations conducted by the third-party evaluation agency and will be submitted to the State Assets Administration Department for filing and approval for pricing, which is in line with the relevant provisions of relevant laws and regulations, and there is no circumstance of harming the interests of the company or its shareholders. The board of directors of the company has deliberated on this matter., and the procedure for convening the meeting of the board of directors and the voting procedures are in accordance with the relevant laws, regulations and the Articles of Association of the Company. VII. Documents available for inspection 1. Resolutions of the 18 Meeting of the seventh Board of Directors 2. Independent opinions issued by the independent directors of the Company on the above issues of waiver of rights. The Board of Directors of Hangzhou Steam Turbine Co., Ltd. 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