1.Date of the board of directors resolution:2021/09/14
2.Reason for capital reduction:
In order to fully use group capital and improve the use
efficiency, Kai Gang Industries Limited,
transacts the capital reduction of USD 13,000,000 and
returns to its parent company
Hon Chuan (China) Holdings Co.,Ltd., so as to reach
an optimum allocation of capital.
3.Amount of capital reduction:USD 13,000,000
4.Cancelled shares:102,042,837 shares
5.Capital reduction percentage:9.06%
6.Share capital after capital reduction:USD 130,462,424.24
7.Scheduled date of the shareholders meeting:2021/09/14
8.Estimated no.of listed common shares after issuance of new shares
upon capital reduction:N/A
9.Estimated ratio of listed common shares after issuance of new shares upon
capital reduction to outstanding common shares:N/A
10.Please explain any countermeasures for lower circulation in
shareholding if the aforesaid estimated no.of listed common shares upon
capital reduction does not reach 60 million and the percentage does not
reach 25%:N/A
11.The record date for capital reduction:N/A
12.Any other matters that need to be specified:No