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*ST Yaxing (600213) announced on the evening of August 13 that because the goods encountered an accident at sea and did not reach the customer in time, the company signed a compensation contract with the customer.

*ST Asia Star has attracted great attention from the outside world due to its plan to voluntarily terminate its listing by means of a resolution of the shareholders' meeting. An announcement on the evening of August 13 also showed that *ST Asia Star's shares will be suspended from trading on August 16.

Overseas bus orders encounter maritime accidents

At the end of 2023, *ST Yaxing signed a Sales Contract with the Saudi Arabian company Dallah Almutaqdmah Buses and Equipemnt Co. Ltd (hereinafter referred to as "DH"), stipulating that the company will sell buses worth approximately US$6.94 million to DH, and the settlement method is 100% sight letter of credit. At present, the payment has been fully received.

At the end of March 2024, the freighter carrying the above-mentioned passenger car encountered a maritime accident. At the end of June 2024, the freighter docked, but because the shipowner, cargo owner, company and insurance company have not reached an agreement on relevant matters, it is still impossible to board the ship to inspect the damage to the cargo, and DH has not been able to pick up the cargo from the shipowner.

*ST Yaxing stated that since the goods could not be delivered to the buyer DH on time, the purpose of the contract could not be achieved. Considering that DH had paid the financing cost for purchasing the batch of buses, the failure to receive the goods caused it certain losses. Based on the above reasons, the two parties, in the spirit of long-term cooperation, reached a friendly agreement with the buyer DH and signed a compensation contract. DH agreed to transfer the ownership of the batch of buses (the status of the goods was uncertain as they had not yet boarded the ship) to the company, and the company repaid DH 110% of the value of the goods (approximately US$7.63 million).

Due to the signing of this compensation contract, it is expected that *ST Yaxing's 2024 operating income will be reduced by approximately RMB 45.42 million, and the compensation for customer losses will be approximately RMB 5 million. Since the damage to the batch of goods and other possible losses are not yet clear, the company has estimated the losses in the 2024 semi-annual performance forecast disclosed in July. The company will also actively communicate and negotiate with relevant parties, make full use of legal procedures and international trade rules to recover the losses of goods from relevant parties, and minimize the company's losses.

Saudi Arabia is known as the "golden market" for Chinese bus exports and is also a key area for *ST Asiastar's overseas layout. Earlier this year, Asiastar Bus signed a sales contract worth $80 million with a Saudi Arabian customer.Public reports show that since entering the Saudi Arabian market in 2014, *ST Asia Star has exported a total of 5,000 buses to Saudi Arabia. In the first half of this year, Yangzhou Asia Star exported 1,700 buses to overseas markets, a year-on-year increase of 155%, of which 1,200 were sent to Saudi Arabia, including a variety of highway buses and buses. Since the strategic reorganization in 2011, Yangzhou Asia Star has exported a total of more than 10,000 buses.

*ST Yaxing shares will be suspended from trading on August 16

*ST Yaxing has attracted great attention in the capital market due to its plan to voluntarily terminate its listing through a resolution of the shareholders' meeting.

On the evening of August 13, *ST Asia Star issued the second reminder announcement on the termination of listing. After the termination of listing is reviewed and approved by the shareholders' meeting, the controlling shareholder Weichai (Yangzhou) Investment Co., Ltd. (hereinafter referred to as "Weichai (Yangzhou)") will provide cash options to all A-share shareholders registered on the cash option equity registration date, including dissenting shareholders, except Weichai (Yangzhou).

According to the Shanghai Stock Exchange Stock Listing Rules, if a company applies to terminate its listing voluntarily by means of a shareholders' meeting resolution, it shall apply to the Shanghai Stock Exchange for its shares to be suspended from the next trading day after the shareholders' meeting equity registration date. The equity registration date of the third extraordinary shareholders' meeting in 2024 for *ST Yaxing to review the termination of listing is August 15, 2024 (Thursday). Therefore, according to relevant regulations, the company's shares will be suspended from the opening of the market on August 16 (Friday) until the Shanghai Stock Exchange delists the company's shares within 5 trading days after the announcement of the company's stock termination decision, and the company's shares will be delisted.

*ST Yaxing reminds that investors can trade the company's shares normally from August 12, 2024 (Monday) to August 15, 2024 (Thursday). If the delisting is not approved by the shareholders' meeting, the company will apply to the Shanghai Stock Exchange for the resumption of trading of its shares from the date of the announcement of the shareholders' meeting resolution (August 27, 2024).

The equity registration date for cash options is different from the equity registration date for the company's shareholders' meeting. The equity registration date for cash options is the date on which the company determines the scope of shareholders who are entitled to participate in the declaration and exercise of cash options. According to the delisting plan, the company's equity registration date for cash options is planned to be September 5, 2024. Therefore, all A-share shareholders (except for Weichai (Yangzhou)) registered in the company's shareholder register at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. after the close of trading on September 5, 2024 (except for shares with restricted sales or rights restrictions, etc.) have the right to declare and exercise cash options through the Shanghai Stock Exchange trading system.

In order to enable investors to have a more comprehensive and in-depth understanding of the relevant circumstances of the termination of listing, the company plans to hold an investor briefing on the termination of listing from 15:00 to 16:00 on August 14, 2024 (Wednesday) to exchange views on issues of concern to investors.

Editor: Peng Bo

Proofreading: Wang Wei

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