Flying Makes A Legally Binding Investment Framework Agreement On Restructuring Business And Finance.

As of October 18, 2016,

International Corporation, Southern Global Holdings Limited and Lian Yong Development Limited have entered into a legally binding form.

The content is about reorganizing the group.

And finance.

The announcement said that Southern Global Holdings Limited was a wholly owned and owned limited company owned by Dai Qixing. In September 8, 2016, it had entered into an exclusive agreement with the company on the proposed reorganization.

Southern Global Holdings Limited would like to make a proposal to restructure with Lian Yong development limited.

Union wing development Limited is a wholly owned and profitable company owned by Yang Hongpeng. The two companies and their respective beneficial owners are not related to the company.

According to the investment framework agreement, the reorganization includes the arrangements made by the company and its creditors on all liabilities for termination and compromise, as well as the reorganization of the capital structure of the company, together with the acquisition of certain assets, and the issuance of new shares and securities to raise funds.

In addition, the company gives investors an exclusive period of six months from the date of the investment framework agreement.

During the period, the company and investors will make a proposal on the resumption of shares in the stock exchange, and submit a proposal to the stock exchange for approval, and, where practicable, prepare proposals for resumption and document necessary for reorganization.

It is reported that the company announced in September 5, 2016 that the company has not yet been able to enter the group's factory in China and has not yet been able to reach the legal representative of China's Affiliated Companies, Lin Wenjian.

The company has appointed a Chinese legal consultancy firm to identify public records of Affiliated Companies affairs in China.

Further announcements will be made in due course.

In addition, the company announced in May 21, 2015 and September 5, 2016 that it was required to reimburse a sum of about HK $23 million 540 thousand, allegedly owed to Li Heshi for the company.

In October 12, 2016, the company received a letter from Li Heshi's legal adviser. Li Heshi knew that the company was looking for investors to implement the reorganization of the company and will closely monitor the progress of the proposed restructuring.

Lee and lion also retain all their rights to claim compensation from the company without repayment.

It is worth noting that the company's announcement in June 24, 2016 that the number of independent non-executive directors and the company's audit committee, nomination committee and Remuneration Committee has been less than the minimum number required by the listing rules.

On the date of this notice, the company has not yet found suitable candidates to fill the vacancy.