TQCC: Subsidiary TQCC Liheng undergoes bankruptcy reorganization

TQCC announced that its subsidiary Hunan TQ Li Heng Parking Equipment Co., Ltd. is unable to fulfill its due debts and is clearly lacking the ability to repay, leading to a bankruptcy reorganization application by creditor Hunan Shengxi Construction Engineering Co., Ltd. The Zhuzhou Intermediate People's Court has ruled to accept this reorganization application and has appointed Hunan Zhonghui Shidai Bankruptcy Liquidation Co., Ltd. as the bankruptcy reorganization administrator. TQ Li Heng will no longer be included in the consolidated financial statements, and this bankruptcy reorganization will not have a significant adverse impact on the company's daily operations and financial condition