Luoyang Xinqianglian Slewing Bearing (300850.SZ) announced on June 26th that it was recently informed that some of the funds raised for the convertible corporate bond issuance to unspecified targets in 2022 were frozen for the project investment account. The funds requested to freeze some of the company's bank account for this time are from Jiamgwei Concrete Co., Ltd., which has applied to the Mengjin District People's Court of Luoyang City, Henan Province for property preservation for the dispute with the company's purchase contract.

The frozen bank account for these funds is a special account for fund-raising, and the frozen funds in the account are 651,460.77 yuan, accounting for 0.05% of the net amount of funds raised by the company's convertible corporate bond project to unspecified targets in 2022, 0.01% of the company's recent audited net assets. The proportion is relatively small. In addition to the frozen funds of the above-mentioned bank account, the other funds in the special account can be used normally, and there are no abnormal situations in the company's other bank accounts. It will not cause substantive impact on the company's normal operation and management. The company has now received a civil ruling by the Mengjin District People's Court of Luoyang City, Henan Province lifting the preservation measures. The company will actively communicate with relevant parties, continue to follow up on the progress of lifting the freeze, properly resolve the above-mentioned litigation matters, and protect the legitimate rights and interests of the company and shareholders.