Yangmei Chemical's (600691.SH) holding subsidiary Pingyuan Chemical Industry has received a court's acceptance of the bankruptcy liquidation application.

Yangmei Chemical (600691.SH) announced that on January 8, 2025, the company received a notice from the People's Court of Pingyuan County, Shandong Province forwarded by its controlling subsidiary Yangmei Pingyuan Chemical Co., Ltd. (hereinafter referred to as "Pingyuan Chemical"), stating that Pingyuan Chemical is undergoing bankruptcy liquidation at the request of the creditor Pingyuan County Finance and Development Group Co., Ltd. (hereinafter referred to as "Pingyuan Finance"). On January 15, 2025, Pingyuan Chemical received a Civil Judgment from the People's Court of Pingyuan County, Shandong Province ((2025) Lu 1426 BankrApp1), accepting the application for bankruptcy liquidation filed by Pingyuan Finance against Pingyuan Chemical. The bankruptcy liquidation of Pingyuan Chemical will not affect the company's current business operations. If a court-appointed administrator takes over Pingyuan Chemical after entering bankruptcy proceedings, it will no longer be included in the company's consolidated financial statements. The impact of Pingyuan Chemical's bankruptcy liquidation on the company's current or future profits will be based on the results of the bankruptcy liquidation and the audit by the accounting firm.