ST Xin Yuan: Subsidiary's bankruptcy restructuring approved by the court

ST New Element Announcement: The company's wholly-owned subsidiary, Beijing Wanxiang New Element Technology Co., Ltd., has received a decision from the People's Court of Haidian District, Beijing, allowing it to manage its assets and business operations under the supervision of the manager of Beijing Wanxiang New Element Technology Co., Ltd. Beijing Wanxiang New Element Technology Co., Ltd. is included in the company's consolidated financial statements.