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CGS (06881) receives arbitral award for Xiangsheng case
11 Jul 2019
(Infocast News) China Galaxy Securities (06881), in relation to the arbitration it filed to the Beijing Arbitration Commission against Changchun Xiangsheng Investment Management Co. (Xiangsheng Investment), said that it has received the Arbitral Award ((2019) Beijing Arbitration No. 1079) issued by the Beijing Arbitration Commission, which ordered that:

1. Xiangsheng Investment shall pay to China Galaxy Securities the repurchase transaction amount as of 30 April 2019 of RMB45,605,484.34, and the interests calculated at an annual rate of 5.7% based on the amount of RMB45,182,133.93 for the period from 1 May 2019 to the date of full settlement of the repurchase transaction amount;

2. Xiangsheng Investment shall pay to China Galaxy Securities the liquidated damages as of 30 April 2019 of RMB1,272,838.82, and the liquidated damages at a daily rate of 0.05% based on the amount of RMB45,182,133.93 for the period from 1 May 2019 to the date of full settlement of the repurchase transaction amount;

3. China Galaxy Securities shall have the right to discount the 9,748,658 circulating shares of Shenzhen-listed company Changsheng Bio-Technology Co. (002680) that have been pledged by Xiangsheng Investment to China Galaxy Securities, or shall have priority right to be repaid from the proceeds of the auction or sale of such pledged shares within the limit of the above items 1 and 2;

4. Xiangsheng Investment shall pay to China Galaxy Securities the legal expenses of RMB100,000;

5. Other arbitration requests of China Galaxy Securities shall be rejected; and

6. Xiangsheng Investment shall pay to China Galaxy Securities the arbitration fee of RMB306,288.59 disbursed by China Galaxy Securities.

(WL)
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