Great Shengda Packaging's controllers fulfill property undertakings

Zhejiang Great Shengda Packaging Co., Ltd. has confirmed that its de facto controllers, Fang Wuxiao, Fang Nengbin, and Fang Congyi, have fulfilled their undertakings related to the company's lease of a 25,965 square meter factory in Xiangheqiao Village, Heshang Town, Xiaoshan District, Hangzhou. This commitment stemmed from the factory's land having a land use rights certificate but lacking a property ownership certificate at the time of the initial undertaking in December 2019.

The original undertaking, made on December 26, 2019, committed the de facto controllers to either build, purchase, or lease suitable alternative business premises, or to legally and fairly incorporate the property with the completed ownership certificate into the company within 18 months, thereby resolving the related party transaction. This undertaking was later amended on July 1, 2021, to extend the timeframe to 60 months for acquiring suitable business premises.

As of the current announcement, the company has relocated its production and operations to its own factory premises by optimizing internal facilities, no longer leasing the aforementioned property. This action signifies the full completion of the de facto controllers' commitments.