Zonsen Xinzhizao Company and 13 enterprise managers including Loncin Group Co., Ltd. signed a reorganization investment agreement.

According to the guidance of the Chongqing Higher People's Court and the Chongqing Fifth Intermediate People's Court

According to the guidance of the Chongqing Higher People's Court and the Chongqing Fifth Intermediate People's Court, the creditor committees of 13 companies including Loncin Group Co., Ltd. made a resolution to authorize the managers of 13 companies including Loncin Group Co., Ltd. to exercise on behalf of creditors. The rights of all shareholders of 13 companies including the company signed reorganization investment agreements with investors in various sectors.

From the evening of June 30 to the early morning of July 1, after all parties reached an agreement on the terms of the investment agreement for the reorganization of Longxin general plate (the 20th draft), Mr. Zuo Zonsen, chairman of the board of directors of Zonsen Group, and Mr. Wang Dan, chief lawyer of Beijing Longan Law Firm, after the approval of the special class of the municipal/district government, Mr. Li Yao represented Chongqing Zonsen Xinzhizao Technology Co., Ltd. and Ms. Wang Yijing Group Co., Ltd., Ltd. and Ms. Wang Yijing, witnessed by members of the special class of the Jiulongpo District Government, the two sides formally signed the "Restructuring Investment Agreement."

According to the agreement, Zonsen Xinzhizao Company intends to acquire 0.504 billion shares of Longxin General Dynamics Co., Ltd. (hereinafter referred to as "Longxin General", stock code 603766), accounting for 24.5513 of the total share capital of Longxin General, with an investment amount of 3.346 billion billion yuan. Upon completion of the transaction, Zonsen New Intelligence will become the largest shareholder of Loncin GM and the controlling shareholder of Loncin GM, and Mr. Zuo Zonsen, the de facto controller of the Company, will become the de facto controller of Loncin GM.

It is reported that according to the arrangement of the Chongqing Municipal People's Government, Chongqing Yufu Capital Operation Group Co., Ltd., a subsidiary of Chongqing State-owned Yufu Group, will also coordinate the acquisition of 0.319 billion shares of Loncin General Motors, accounting for 15.52 of Loncin General Motors's total share capital, with an investment amount of 2.115 billion yuan. Become Loncin GM's second largest shareholder. Zhang Jian, director of Jiulongpo District Justice Bureau, as a special representative of the government, Cheng Qiang, senior manager of the investment banking department of CICC, as the seller's financial advisor, Xie Cheng, a lawyer of Beijing Longan Law Firm, as a representative of the bankruptcy administrator, and Li Qipan, manager of the legal department of Zonsen Group Risk Control Center, as a representative of the investor, witnessed the signing of the Reorganization Investment Agreement.

Li Xia, deputy director of Chongqing Kunyuan Hengtai Law Firm, and Chen Yajiao, manager of the investment banking department of Zhongtai Securities, participated in the signing as representatives of intermediary agencies hired by Zonsen Xinzhizao Company.