ST Bailey: Controlling shareholder applied for bankruptcy liquidation.

ST Bailey announced on the evening of June 22nd that the company's controlling shareholder, Tibet Xinhai Xinchuang Investment Co., Ltd., recently received a notice from the People's Court of Duilongdeqing District, Lhasa, Tibet Autonomous Region. Xingtai Tianlu Real Estate Development Co., Ltd., Economic Development Zone Branch, applied for bankruptcy liquidation of Xinhai Xinchuang on the grounds that Xinhai Xinchuang could not repay its due debts and clearly lacked the ability to repay. The company has independent and complete business and autonomous operating capabilities, and is independent from Xinhai Xinchuang in terms of business, personnel, assets, institutions, and finances. If Xinhai Xinchuang enters into bankruptcy liquidation in the future, the company's daily production and operation will not be affected.