Ocean’s King Lighting Science & Technology Co Ltd

Ocean King announced on the evening of October 7 that the receivables debt restructuring between its controlling subsidiary Shenzhen Mingzhihui Smart Technology Co., Ltd. and the relevant debtor has been terminated. As of September 29, Mingzhihui had received cash repayment of 79 million yuan. The debt restructuring involved claims of no more than 189 million yuan, originating from the EPC general contracting of the Jinghong City "Two Rivers, One City" urban nighttime economy infrastructure smart and energy-saving renovation project signed in September 2022 between Mingzhihui and the project agent Jinghong City Development Co., Ltd. Mingzhihui subsequently signed a Creditor's Rights and Debt Confirmation and Settlement Agreement with the Jinghong Housing and Urban-Rural Development Bureau and Jinghong City Development to implement the repayment arrangements. Ocean King stated that after friendly negotiation among all parties, the debtor will repay according to the original amounts, the debt restructuring has been terminated, and apart from the amount already recovered, the remaining receivables will be paid before December 31, 2027. The company said this termination is a commercial arrangement agreed upon by all parties through consultation, will not adversely affect normal production and operations, and is conducive to recovering the full principal of the claims, but cautioned that there is still uncertainty as to whether the remaining receivables can be successfully recovered.