Securities code: 600237 Securities abbreviation: Tongfeng Electronic Number: Lin 2020-038

Anhui Tongfeng Electronics Co., LTD
Announcement on the progress of bankruptcy liquidation of the controlling shareholder

The board of directors and all the directors of the Company warrant that there is no false record, misleading statement or material omission in the content of this announcement, and bear individual and joint liability for the authenticity, accuracy and completeness of the content.

Anhui Tongfeng Electronics Co., LTD. (hereinafter referred to as the "Company") disclosed in the designated information disclosure media on July 4, 2020 the "Suggestive Announcement on the Acceptance of Bankruptcy Liquidation by the Court of the Controlling Shareholder". Anhui Tongfeng Electronics Group Co., LTD. (hereinafter referred to as the "Tongfeng Group"), the controlling shareholder of the Company, was unable to pay off due debts. Tongling Intermediate People's Court in Anhui Province ruled to accept the creditors' application for bankruptcy and liquidation of Tongfeng Group, and appointed Anhui Jingwang Law firm as the group's administrator. On August 5, 2020, Anhui Jingwang Law Firm applied for resignation as manager due to work reasons. On August 6, 2020, the Intermediate People's Court of Tongling City, Anhui Province dismissed the manager of Tongfeng Group from Anhui Jingwang Law Firm and appointed Guohou Asset Management Co., Ltd. as the manager of Tongfeng Group.

On September 27, 2020, the Company received the Civil Decision No. 2 (2020) Wan 07 from the Intermediate People's Court of Tongling City, Anhui Province, forwarded by the manager of Tongfeng Group. The relevant contents are hereby announced as follows:

1. According to the audit results, the Intermediate People's Court of Tongling City, Anhui Province considers that Tongfeng Group is unable to pay off due debts and its assets are not enough to pay off all debts and meets the conditions for declaring bankruptcy. In accordance with the provisions of Article 2, Paragraph 1 and Article 107 of the Enterprise Bankruptcy Law of the People's Republic of China, Tongfeng Group is declared bankrupt. This ruling shall enter into force on 27 September 2020.

2. The Intermediate People's Court of Tongling City of Anhui Province decides to approve the Property Management Plan of Anhui Tongfeng Electronics Group Co., LTD made by the manager of Tongfeng Group in accordance with the provisions of Article 65 (1) of the Enterprise Bankruptcy Law of the People's Republic of China. If the creditor refuses to accept the ruling, he may apply to the court for reconsideration within 15 days after the announcement of the ruling, and the execution of the ruling shall not be suspended during the period of reconsideration.

3. The Intermediate People's Court of Tongling City of Anhui Province ruled to approve the "Plan of Property Price Change of Anhui Tongfeng Electronics Group Co., LTD." made by the manager of Tongfeng Group in accordance with the provisions of Article 65 (1) of the Enterprise Bankruptcy Law of the People's Republic of China. If the creditor refuses to accept the ruling, he may apply to the court for reconsideration within 15 days after the announcement of the ruling, and the execution of the ruling shall not be suspended during the period of reconsideration.

The Company will continue to pay attention to the follow-up progress of the above matters and timely fulfill the obligation of information disclosure in accordance with relevant laws and regulations. The Company's designated media for information disclosure are China Securities Journal, Shanghai Securities Journal, Securities Daily, Securities Times and the website of Shanghai Stock Exchange (www.sse.com.cn). The information released by the company is subject to the information disclosed in the above designated media. Please pay attention to the investment risk.

This is to announce.