公告日期：2019-08-20

Announcement Relating to Debt Reorganizations



The Company, all the members of the Board of Directors, supervisors and top management hereby guarantee the truth,

accuracy and completeness of the information disclosure, no any false records, misleading statements and major missing

contents.

I. Overview of debt restructuring

1. Daily operational debt restructuring



In order to optimize the debt structure of the enterprise and improve the use efficiency of funds,

wafangdian bearing co., LTD. (hereinafter referred to as "the company") cleans up the payable funds of the

daily operation of the company from January to June 2019. During this period, the company with precision

forging co., LTD., dalian Chang Rui wafangdian bearing group co., LTD., such as 16 suppliers signed the

debt restructuring agreement, through friendly consultation, this part of the supplier agree to daily

operation nature of the debt owed by a company to make concessions, the business makes the company' s

debt restructuring income of about 2.02 million yuan;



2. Debt restructuring caused by bankruptcy reorganization of customers



(1) Northern Heavy Industries Group co., LTD. Bankruptcy reorganization



Due to the bankruptcy reorganization of the company's client, North Heavy Industry Group Co., LTD.

(hereinafter referred to as "North Heavy Industry"), all the receivables cannot be collected, and the

accumulated bad debt provision is deducted by 250,000 yuan, resulting in a debt restructuring loss of

4.845 million yuan.The details are as follows:



North Heavy Industry owes the company the payment before its reorganization, our company declares and

the manager of the other party confirms that the creditor amount is 6,668,934.01 yuan (including

296,000.43 yuan of interest generated from the creditor's right, the financial expenses have been written

down in the second quarter). Because this company "reorganization plan" the court has ruled that the

approval, i……
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