CXPC announced that due to the need to cancel property and land certificates for the relocation of the company and its wholly-owned subsidiary, Chengxing Daily Chemical, as well as subsequent financing needs, it plans to pledge part of its accounts receivable to Jiangsu Asset Management Co., Ltd. The pledged accounts receivable account for 30% of the total relocation compensation, amounting to RMB 402 million. This move aims to release the mortgage rights on certain properties and land that have been mortgaged to Jiangsu Assets within the relocation scope of the company and Chengxing Daily Chemical, and to release the mortgage rights on 97 sets of machinery and equipment that have been mortgaged to Jiangsu Assets as collateral for the company's debt repayment. This proposal has been approved by the board of directors and is subject to review by the shareholders' meeting
