The Board of Directors and all directors ensure that this announcement does not contain any false, misleading statements or material omissions, and severally and jointly accept responsibility for its truthfulness, accuracy and completeness.
On April 12, 2016, Shanghai Feilo Acoustics Co., Ltd (hereinafter: company) received written notice from Beijing Shenan Union Co., Ltd (hereinafter: Shenan Union), the second-largest shareholder: on March 30, 2016 at China Securities Depository and Clearing Co., Ltd (CSDCC) Shanghai Branch, Shenan Union pledged its 29,250,000 restricted shares of Feilo to the Huaxin Securities Co., Ltd. The pledge period is from the registration date to the release date from pledgee at CSDCC Shanghai Branch.
Up to now, Shenan Union holds company’s 168,442,082 shares, accounting for 17.1% of total share capital, which include 29,556,600 shares of unlimited sale conditions and 138,885,482 shares of limited sale conditions. After the pledge, the total pledge amount of Shenan Union is 78,800,000 shares, accounting for 8% of company’s total share capital.
Shanghai Feilo Acoustics Co., Ltd
The Board of Directors
April 13, 2016