Jolywood(Suzhou)Sunwatt director ordered to correct breach of promise

Jolywood(Suzhou)Sunwatt Co., Ltd. announced that its director, Lin Jianwei, received a decision from the China Securities Regulatory Commission's Jiangsu Regulatory Bureau, ordering him to take corrective measures. This decision stems from Lin's failure to honor his commitment to compensate the company for a private equity fund difference, with the outstanding amount due totaling 177,472,200 yuan.

The Jiangsu Securities Regulatory Bureau deemed Lin's non-fulfillment of the difference make-up obligation a violation of Article 15 of the "Guidance for Listed Companies' Related Party Commitments." Consequently, regulatory action has been taken, and this decision will be recorded in his securities and futures market integrity file.

Lin has stated that he takes the matter seriously and will actively rectify the situation and fulfill his promised obligations. The company clarified that the administrative regulatory measures apply solely to Lin and will not impact the company's normal production and operational activities.