The controlling shareholder of Bright Oceans Inter-Telecom Corporation (600289.SH) plans to use its 9.0134% stake in Lanpu Chengxin New Materials as debt settlement to alleviate the risk of capital deduction.

Bright Oceans Inter-Telecom Corporation (600289.SH) announced that the company's controlling shareholder, Yiyang Group, plans to use 9.0134% equity of Nanjing Lanpu Chengxin New Materials Co., Ltd. to compensate for the 60.4854 million yuan deducted from the company's assets in the previous lawsuit involving Huimai Tu (Xiamen) Asset Management Co., Ltd. and Deng Wei's guarantee contract dispute. The above-mentioned equity transfer and debt-for-equity transaction are measures taken to resolve the issue of the company's assets being deducted due to the controlling shareholder's illegal guarantee and compensation liability, and to protect the interests of the company and its shareholders.