Xinjiang Sayram Modern Agriculture subsidiary bankruptcy liquidation concludes

Xinjiang Sayram Modern Agriculture Company Limited announced the conclusion of the bankruptcy liquidation for its controlled subsidiary, Xinjiang Xinsai Shuanglu Mining Company Limited. The Fifth Division Intermediate People's Court of Xinjiang Production and Construction Corps issued a civil ruling, officially terminating the bankruptcy proceedings. The court also granted the administrator permission to continue duties post-termination until further notice.

Xinjiang Xinsai Shuanglu Mining Company Limited initiated bankruptcy proceedings in 2019 due to a lack of mining value, operational cessation, and inability to repay maturing debts, along with clear insolvency. The court formally accepted the bankruptcy liquidation application and issued a ruling in 2020. Relevant disclosures were made on August 10, 2019, and September 4, 2020.

The company stated that the bankruptcy liquidation will not impact the production and operation of its existing businesses or significantly affect current consolidated financial statements. Xinjiang Sayram Modern Agriculture Company Limited will continue to monitor the situation and provide timely disclosures.