Jiangsu Gaochun Ceramics Co Ltd Updates Asset Swap

Jiangsu Gaochun Ceramics Co Ltd announced that it has implemented its asset swap, by exchanging all its operational assets and debts for a 49% stake in a Nanjing-based industry company (Company A), the related assets and debts of Microwave Circuit Department and Information System Department with No. 14 Research Institute of China Electronics Technology Group Corporation (No. 14 Institute). In addition, the Company also issued 25,289,932 A shares, 5,510,515 A shares, 1,130,362 A shares and 282,590 A shares at RMB 6.96 per share to Glarun Group, Gong Long, Zhang Min and Yang Chengfei, to acquire a 41% stake in Company A, and a combined 100% stake in a Wuhu-based electronic company, and issued another 12,228,090 A shares at the same price to No. 14 Institute to pay for the price difference for the asset exchange above.