Linglong Tire recently issued an announcement that the company in2020years11month17On January 16, the 16th meeting of the fourth Board of Directors was held. The meeting deliberated and passed the Motion on increasing capital to a wholly-owned subsidiary for the construction of a project in Serbia, and agreed that the company would increase capital to a wholly-owned subsidiary, Hong Kong Tiancheng Investment and Trading Co., LTD., with its own funds1.305Billions of dollars(Or equivalent RMB or Euro, whichever is the actual exchange rate)Included in the registered capital of Hong Kong Tiancheng. After the capital increase is in place, Hong Kong Tiancheng will carry out capital increase for its subsidiary Linglong Holland Company. The amount of capital increase is 1.305A hundred million dollars. The aforementioned capital increase will be used for Linglong Serbia project construction.

Huanze's opinion: The capital increase will be used for the construction of Linglong Serbia project. The investment through Hong Kong company will greatly simplify the capital flow procedures, save the waiting time, and facilitate the company to realize the implementation of the Serbia project as soon as possible. In line with the company's development strategy and long-term planning, is conducive to enhance the overall competitiveness of the company.

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