Modern Avenue Group (002656.SZ): It is expected that Ruiyang Holdings will have difficulty in repaying all the funds seized before January 10th.

Modern Avenue Group (002656.SZ) announced that recently, Ruiyang Holdings and Huiqi Xiaocheng separately signed "Equity Transfer Agreement" and "Contribution Share Transfer Agreement." According to the terms of the "Equity Transfer Agreement," Ruiyang Holdings acquired 100% equity of Puhuiyuan; according to the terms of the "Contribution Share Transfer Agreement," Ruiyang Holdings acquired 98% of the contribution shares held by Huiqi Xiaocheng in Jiayuan New Energy Investment (Guangzhou) Partnership Enterprise (Limited Partnership). Considering that Puhuiyuan is 100% owned by Ruiyang Holdings and it holds 2% of the contribution shares of Jiayuan New Energy, Ruiyang Holdings collectively holds 100% of the contribution shares of Jiayuan New Energy. Prior to the above-mentioned equity and contribution share transfers, according to the agreement between Ruiyang Holdings and Zhang Runqi, Ruiyang Holdings holds the voting rights of 25.6 million shares of the listed company through Zhang Runqi, accounting for 3.59% of the total share capital of the listed company. After the completion of the series of transactions, Ruiyang Holdings collectively holds 97.3519 million shares of the listed company (including voting rights), accounting for 13.66% of the total share capital of the listed company. Previously, Guangzhou Puhuiyuan Trade Co., Ltd. (referred to as "Puhuiyuan"), Guangzhou Huiqi Xiaocheng Business Co., Ltd. (referred to as "Huiqi Xiaocheng"), and the company signed an "Agreement." Puhuiyuan replaced the original controlling shareholder Rui Feng Group to repay the company's debt of 242 million yuan. The designated receiving account of the company has received the first payment of 20 million yuan. Puhuiyuan, Ruiyang Holdings Group Co., Ltd. (referred to as "Ruiyang Holdings"), and the company negotiated and signed an "Agreement" regarding the remaining amount. The designated receiving account of the company has received 122 million yuan. Ruiyang Holdings currently only compensates for the occupied funds of 122 million yuan. It is expected to be difficult to fully compensate for all the occupied funds by January 10, 2025, so it cannot meet the rectification requirements of the Guangdong Securities Regulatory Bureau's decision on the corrective measures of Modern Avenue Fashion Group Limited and Guangzhou Ruifeng Group Limited. The company's stock is expected to announce the implementation of a delisting risk warning for the company's stock trading before the market opens on January 13, 2025. The stock will be suspended for 1 trading day on January 13, 2025, and the Shenzhen Stock Exchange will resume trading the company's stock and implement a delisting risk warning starting from January 14, 2025.