Grand Baoxin (01293.HK) announced that the company was informed by its controlling shareholder China Grand Automotive Services Group (600297.SH) that it had received a notice from the Shanghai Stock Exchange. Due to the fact that the daily closing price of its A-shares has been lower than RMB 1 for 20 consecutive trading days from June 20 to July 17, which triggered the conditions for the termination of listing under the Shanghai Stock Exchange listing rules, the Shanghai Stock Exchange will make a decision to terminate the listing of the company's stocks and convertible corporate bonds, and China Grand Automotive Services Group can apply for a hearing to explain the case and defend itself within five trading days after receiving the notice.

China Grand Automotive Services Group holds 68.56% of the company's outstanding shares. The directors of the company believe that the above-mentioned matter will not have a significant adverse impact on its operations and financial status, and the company will be able to continue operating independently of China Grand Automotive Services Group. (cy/k)

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