[Caihua News]$Luoyang Glass Co. (01108.HK) $It is announced that all shares in Longhai Glass, Longmen Glass and Bengbu Zhongxian, which are wholly owned subsidiaries, will be sold.

On January 28, 2022, the three target companies have all completed the relevant industrial and commercial changes. In accordance with the relevant arrangements in the Equity transfer Agreement signed between the Company and Kaisheng Technology Group on November 26, 2021, the Company and the Target Company have paid off all the mutual liabilities incurred up to the handover base date (i.e. 31 January 2022) in accordance with the agreement, of which the total amount of transactions payable by Longmen Glass to the Company is approximately RMB 540 million has been paid in full. As of March 1, 2022, the company has received the transfer price of about 536 million yuan paid by Kaisheng Group. According to the equity transfer agreement, the net profit realized by Longhai Glass and Bengbu Zhongxian in the relevant period shall be enjoyed by the company. On April 14, 2022, the company received the above-mentioned payments in the form of dividends in Longhai Glass and Bengbu respectively, totaling about RMB 57.6075 million; at the same time, as the loss of Longmen Glass in the relevant period should be compensated by the company, the company has paid compensation of about RMB 540500 to Longmen Glass.

At this point, the company has completed all the deliveries of this equity transfer, and the company no longer holds any interests in Longhai Glass, Longmen Glass and Bengbu.