China Fortune Land Development Co Ltd

On the evening of September 28, ST Huaxing announced that the company had formally signed a Restructuring Investment Agreement with the selected restructuring investors Hangzhou Chengfeng Erlai Digital Technology Co., Ltd., Nanyang Mulanhua Real Estate Co., Ltd. and its designated investment entity Hangzhou Chengfeng Erjin Enterprise Management Partnership, as well as the company's interim administrator. Under the agreement, the consortium of industrial investors intends to acquire a total of 2 billion newly converted shares of the company for a total consideration of 1.2 billion yuan, expected to account for 20.55% of the listed company's total share capital after restructuring. Among them, Hangzhou Chengfeng Erjin plans to pay approximately 1.1994 billion yuan at 0.6 yuan per share to acquire about 1.999 billion newly converted shares, while Nanyang Mulanhua plans to pay 600,000 yuan at 0.6 yuan per share to acquire 1 million newly converted shares. If the restructuring investment is completed, Hangzhou Chengfeng Erjin will become the controlling shareholder of the listed company, and the restructuring investors have committed not to transfer the shares for 60 months from the date they obtain the newly converted shares. The agreement stipulates that within three working days from the date the court approves the restructuring plan, the restructuring investors shall pay the full restructuring investment amount of 1.2 billion yuan in one lump sum, and have already paid a performance bond of 240 million yuan, equivalent to 20% of the restructuring investment amount. The company also cautioned that the agreement still faces risks of termination, rescission, revocation or non-performance, and as of the date of the announcement it has not yet received court documents accepting the restructuring application, so there remains significant uncertainty over whether it will subsequently enter restructuring proceedings.