Shanghai Sanjin Import 600689.SH & Export Co., Ltd. (hereinafter referred to as "Sanjin Import & Export Company") is a wholly-owned subsidiary of the Company, established in March 2013 with an initial registered capital of RMB 5 million, mainly engaged in the import and export of goods and technology, textile products, rubber and plastic products, mechanical and electrical products, hardware and electricity, electronic products, etc., with the AEO general certification enterprise certificate issued by Shanghai Customs of the People's Republic of China.
Recently, Sanjin Import & Export Company received the "Notice of Recertification of Shanghai Customs of the People's Republic of China" (Huguan Re-Accreditation (2021) No. 2241YC0003), and the notice letter informed that Shanghai Customs decided to recertify (AEO certification) of Sanjin Import and Export Company. AEO certified enterprises can enjoy customs clearance facilities, including the application of lower inspection rates, priority inspection, fast customs clearance, etc., which has a more important impact on the business of Sanjin Import and Export Company. According to the relevant provisions of the Announcement of the General Administration of Customs [2019] No. 46 (Announcement on the Announcement on the Identification Standards for Financial Status Indicators of the "Customs Certification Enterprise Standards"), the asset-liability ratio of AEO certified enterprises should not be higher than 95%.
Since the asset-liability ratio of Sanjin Import and Export Company has been higher than 95% in recent years, in order to make the financial situation of Sanjin Import and Export Company meet the basic conditions of AEO certification, the company will increase its capital in the form of cash contribution, and the amount of capital increase will be RMB 7 million. After the completion of the capital increase, the registered capital of Sanjin Import and Export Company will be increased from 5 million yuan to 12 million yuan, and it will still be a wholly-owned subsidiary of the company.
The capital increase of the wholly-owned subsidiary Sanjin Import and Export Company will help reduce the company's asset-liability ratio, help it carry out AEO re-certification related work, and have important support significance for the company's subsequent business development.
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