FUDAN FORWARD: The controlling shareholder has completed the commitment to resolve the competition with peers

Fudan Forward announced that it recently received a notice from its controlling shareholder, Fengtou Group, stating that it has fulfilled its commitment to avoid competition in the same industry. On December 31, 2019, when Fengtou Group acquired 18.74% of the company's shares held by Fudan University, it promised to resolve the competition issue within three years, which was later extended for two more years after approval by the shareholders' meeting. As of now, Fengtou Group has completed the complete divestiture of its "Baicun Park Business" through equity transfers and other means, and there is no direct competition with the company, as it no longer engages in businesses that constitute competition in the same industry. The financial advisor's verification concluded that Fengtou Group has fulfilled its commitment to avoid competition in the same industry