Announcement on the resolution of the 12th meeting

Announcement of the resolution of the 12th meeting of the seventh board of directors of Yueyang forest paper

release date: Source: Yueyang forest paper bar

announcement of the resolution of the 12th meeting of the seventh board of directors of Yueyang forest paper

announcement date:

securities code: 600963 securities abbreviation: Yueyang forest paper co mixing, modification, copolymerization and other methods announcement number:

Yueyang Forest Paper Co., Ltd.

announcement of the resolution of the 12th meeting of the seventh board of directors

The board of directors and all directors of the company guarantee that the contents of this announcement do not contain any false records, misleading statements or material omissions processed into 3D printing materials, and bear individual and joint liabilities for the authenticity, accuracy and integrity of its contents

I. convening of the board meeting

(I) the convening of the 12th meeting of the seventh board of directors of Yueyang Forest Paper Co., Ltd. is in line with the provisions of the company law and other relevant laws, administrative regulations, departmental rules, normative documents and the articles of association of Yueyang Forest Paper Co., Ltd

(II) time and method of sending the notice and materials of the board meeting

the notice and materials of the board meeting were sent by email on August 9, 2019

(III) convening of the board meeting

this board meeting was held by means of communication voting on August 16, 2019. At the meeting, 7 directors should vote and 7 actually vote

II. Deliberation of the board meeting

the meeting adopted the proposal on the disposal of fixed assets by the subsidiary Xiangjiang paper industry with 7 affirmative votes, 0 negative votes and 0 abstention

it is agreed that the company will stop listing and transferring 100% equity of the wholly-owned subsidiary Yongzhou Xiangjiang Paper Co., Ltd. (hereinafter referred to as "Xiangjiang paper") to ensure zero growth in the production capacity of synthetic ammonia, urea and ammonium phosphate, and it is agreed to dispose of fixed assets such as pulping equipment, power generation equipment, power transmission and transformation equipment in Xiangjiang paper #4 by listing

Beijing zhongtonghua Assets Appraisal Co., Ltd. adopted the asset cost method to appraise the market value of the fixed assets to be disposed on the benchmark date of June 30, 2019, and issued the asset appraisal report of the idle equipment assets appraisal project of Yongzhou Xiangjiang Paper Co., Ltd. (2019) No. 060787: as of the benchmark date, the net book value of the fixed assets to be transferred was 159530900, The assessed value is 60.7018 million, with an impairment of 98.8291 million compared with the book value, and the impairment rate is -61.95%. The appraisal results are yet to be filed and confirmed by the State-owned Assets Authority

this disposal of assets will be carried out in the form of public transactions based on the evaluation and filing value

calculated according to the net value of fixed assets, if the listing and sale is successfully completed, it will have a certain impact on the current profit and loss of the company; Due to the possibility of bidding in this listing and sale, the specific asset losses will be determined after the sale. This transaction complies with the market-oriented rules of frequent building fires across the country, and there is no damage to the interests of shareholders

it is hereby announced

Yueyang Forest Paper Co., Ltd.

August 17, 2019

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