Beijing Weikawi Auto parts Co., Ltd. held its third interim shareholders' meeting on April 3, 2018 to consider and approve the 18th meeting of the fourth board of directors on investing in the construction of 300000 new energy vehicle production bases in Qinhuangdao. For details, please refer to the relevant announcements disclosed by the company on Juchao Information Network on March 16, 2018 and April 4, 2018 (announcement numbers: 2018-023, 2018-025, 2018-040). As of the date of disclosure of this announcement, with the exception of Qinhuangdao Delong Automobile Co., Ltd. (hereinafter referred to as "Delong Automobile"), a wholly owned subsidiary of Qinhuangdao Delong Automobile Co., Ltd. (hereinafter referred to as "Delong Automobile"), the project has not actually started and made substantial investment. After the investigation of the new energy vehicle market in recent years, the short-term profit probability of the new energy vehicle industry is relatively low, and the construction period takes 2 to 3 years. During the construction period, there is only a large amount of construction and development expenses, and the performance of the main parts industry is difficult to support. The continuous loss in the construction period may lead to the potential delisting risk stipulated in the Stock listing rules of Shenzhen Stock Exchange. Therefore, at the 43rd meeting of the fourth session of the Board of Directors held on July 17, 2019, the Company considered and adopted the "Bill on stopping the Development of New Energy vehicle projects". Agree to stop the development and construction of new energy vehicle business and agree to cancel Delong cars. In view of the fact that the Qinhuangdao new energy vehicle investment project has not yet been officially launched, and the company has not made any substantial investment, the termination of the investment and write-off of Delong Automobile will not adversely affect the normal production and operation of the company, and there is no harm to the interests of the company and minority shareholders. In the future, the company will continue to improve the quality and efficiency of assets as the goal, carry out all kinds of work in an orderly manner, and achieve the stable development of the company's operation.
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