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Statement
| 1.Date of occurrence of the event:2022/07/08
2.Company name:Grand Ocean Retail Group Limited
3.Relationship to the Company (please enter "head office" or
"subsidiaries"):head office
4.Reciprocal shareholding ratios:Not applicable
5.Cause of occurrence:
1)Due to the repeated occurrence of the Covid-19 in China, this
force majeure factor has seriously affected the society, various
industries and Damahua operations. Damahua needs to retain some
working capital,therefore,Damahua proposed to the Company a plan
for deferring the repayment of the receivables. The original
receivables of Damahua amounted to RMB 162 million, and the
accumulated repayments were RMB 101 million. The remaining
receivables of the Company remained at RMB 61 million.
2)The Audit Committee and the Board of Directors of the Company
discussed Damahua deferment plan today,principle through installment
plan.According to the payment of RMB 20 million on June 30, 2022,
the payment of RMB 16 million on December 31, 2022, the payment of
RMB 16 million on March 31,2023, the payment of RMB 29 million on
June 30, 2023 will be recovered in installments .And RMB 20 million
has been recovered on June 30,2022.The Audit Committee and the Board
of Directors also decided that the company should negotiate with
Damahua as soon as possible that the company's debt preservation
procedures should be added to the contract and submit the latest land
value assessment report.
6.Countermeasures:
After adding the company's debt protection procedures to the contract
and submitting the latest land value assessment report, the company
will submit it to the audit committee and the board of directors.
7.Any other matters that need to be specified:None
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