Jiaxin Silk (002404): Its Seedling City Company Received Second Yuan Of Compensation, 30 Million Yuan.

Jiaxin silk (002404.SZ) announced that the company held the twenty-seventh meeting of the seventh board of directors in November 19, 2019, and deliberated and adopted the motion on signing the compensation agreement for land expropriation. A wholly owned subsidiary, Zhejiang Jiaxin seedling City Development Co., Ltd. ("seedling city company") has signed the "land acquisition compensation agreement" with the people's Government of Tu Dian Town, Tongxiang. According to the "land acquisition compensation agreement", the total amount of the land expropriation compensation is RMB 78 million 96 thousand and 920 yuan.

In November 27, 2019, the company received the first demolition compensation payment of RMB 7 million 587 thousand and 120 yuan by the people's Government of Tu Dian town of Tongxiang city through the Tongxiang Tu Dian Textile Industrial Park Development Co., Ltd.

Recently, the city of Miao city received second yuan of compensation from Tongxiang massacre two new construction development Co., Ltd., 30 million yuan in Tongxiang. The company will carry out accounting treatment of the above compensation according to the relevant provisions of the enterprise accounting standards, and the effect of specific accounting treatment and relevant financial data shall be determined by the annual audit confirmation of the accounting firm.