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Announcement on the progress of the disposal of assets by the holding subsidiary.

Release time:

2020-08-05

Securities Code: 600668 Securities Abbreviation: Jianfeng Group No.: Pro 2019-006

Bond Abbreviation: 13 Peak 02 Bond Code: 122344

Zhejiang Jianfeng Group Co., Ltd.

Progress Announcement on Disposal of Assets by Holding Subsidiaries

The board of directors and all directors of the company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and shall bear individual and joint liability for the authenticity, accuracy and completeness of its contents.

Overview of 1. Disposal of Assets

December 26, 2018 , the 8th meeting of the 10th Board of Directors of Zhejiang Jianfeng Group Co., Ltd. (hereinafter referred to as "the Company") passed the "Proposal on Disposal of Assets by Holding Subsidiaries". The Jinhuashan Tourism Economic Zone Management Committee (hereinafter referred to as the "Jinhuashan Economic Management Committee") and the company's holding subsidiary Zhejiang Jianfeng Cement Co., Ltd. (hereinafter referred to as "Jianfeng Cement") signed the "Agreement" to collect Jianfeng Cement's location in Jinhua Ten land use rights and other assets that were idle after the elimination of backward production capacity within the jurisdiction of the Tourism Economic Zone Management Committee, jinhua Mountain Economic Management Committee will compensate the land use right, buildings and structures on the land, seedling greening, etc., with a total compensation of 112 million yuan. For details, please refer to the Announcement on Disposal of Assets by Holding Subsidists (Pro 2018-032) disclosed by the Company on December 26, 2018.

2. Progress

On December 29, 2018 , Jianfeng Cement received the first 30% compensation 33.6 million yuan paid by Jinhua Mountain Economic Management Committee. On March 29, 2019, Jianfeng Cement received the second phase of 70% compensation 78.4 million yuan. So far, Jinhua Mountain Management Association has paid the full compensation to Peak Cement.

At present, Jianfeng Cement and Jinhua Mountain Economic Management Association are going through the procedures of asset transfer and cancellation of real estate certificate and land certificate. According to the agreement, after the Jinhua Mountain Management Association pays the above compensation, Peak Cement shall actively cooperate with the Jinhua Mountain Management Association to handle the cancellation of the property certificate and land certificate, and complete it within 6

months after the agreement comes into effect.

Impact of 3. on the Company

Peak Cement disposes of idle assets, improving the efficiency of the use of the Company's assets and further optimizing the Company's asset structure. At the same time, after the completion of all asset transfer and real estate certificate, land certificate cancellation procedures, will increase the peak cement asset disposal income of about 10050

yuan.

4. Risk Alert

The full compensation received by Peak Cement this time is the

phased progress of the above-mentioned asset disposal . According to the relevant provisions of the Accounting Standards for Enterprises, the revenue recognition still needs to complete all physical asset transfer and cancellation of real estate certificate and land certificate. There is still some uncertainty as to whether these procedures can be completed on schedule. Investors should pay attention to investment risks.

Zhejiang Jianfeng Group Co., Ltd.

Board of Directors

April 1, 2019

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