Announcement of the End of the Block of the Equity of
Stock Code: 600094 900940 Stock Abbreviation: Worldbest A share Worldbest B share No: Lin 2005-001
Announcement of the End of the Block of the Equity of
Shanghai Worldbest Co.,Ltd.
The Company and all the members of Board of Directors guarantee the authenticity, precision and integrity of the announcement and will be responsible for any false recording, misleading statement or serious omission of the announcement.
In 2002 China Worldbest Group Co.,Ltd. (the biggest shareholder of the Company) has provided the joint liability guarantee for Hainan Taixin Industrial Co.,Ltd. for the RMB 28 million loan from China Construction Bank Hainan Branch , and Hainan Taixin Industrial Co.,Ltd. was not able to pay back the loan on the date due in Sept.2004, China Construction Back Hainan Province Branch demanded China Worldbest Group Co.,Ltd. to undertake the joint liquidation responsibility . In accordance with the stipulations in the notarized creditor’s rights document made by China Construction Bank Hainan Province Branch and China Worldbest Group Co.,Ltd., Hainan Province Haikou City Intermediate People’s Court made the civil adjudication to block 50,000,000 legal person shares of the Company held by China Worldbest Group Co.,Ltd. (Stock account:B882658895).The details see “China Securities”, “Shanghai Securities” and “Hong Kong Wenhui Daily” on Nov 23rd,2004.
The Company recently received the civil adjudication document ([2004] Hai Zhong Fa Zhi Zi No.175-2) from Hainan Province Haikou City Intermediate People’s Court. Because China Worldbest Goup Co.,Ltd has automatically fulfilled the aforesaid joint liability responsibility , Hainan Province Haikou City Intermediate People’s Court has ended the block of the aforesaid share equity on Jan 25th,2005.
Hereby announced
Shanghai Worldbest Co.,Ltd.
Jan 27th,2005
04/02/2005
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