Yongwei Holdings' Singapore Subsidiary SFE Insolvent, Resolves to Dissolve and Liquidate

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(CNA Taipei, July 6) Yongwei Holdings announced today on behalf of its Singapore subsidiary, Shinfox Far East Company Pte. Ltd (SFE), that due to its assets being far insufficient to cover its debts and facing creditor claims, Senwei Energy, considering the significant impact on its overall financial structure and its inability to support continued operations, convened an SFE board meeting today and formally resolved to proceed with "Creditors' Voluntary Liquidation."

SFE will undergo dissolution and liquidation in accordance with Singaporean laws and has appointed Deloitte, a Singaporean accounting firm, as the liquidator to officially commence the liquidation process.

The board of Shinfox Far East Company Pte. Ltd also resolved to convene an extraordinary general meeting of shareholders on August 4 to discuss SFE's liquidation through creditors' voluntary liquidation as per the "Insolvency, Restructuring and Dissolution Act 2018," and to appoint Deloitte Singapore to handle the liquidation matters.

SFE is a subsidiary in which Senwei Energy, a subsidiary of Yongwei Holdings, holds a 67% stake. According to the announcement, after SFE's resolution to liquidate, Senwei Energy will re-evaluate all of SFE's assets and liabilities in accordance with International Accounting Standard 1 and issue a "Liquidation Value Report," adjusting the book value of these items to their actual post-liquidation value. This significant financial adjustment will be directly reflected in the future financial statements of Senwei Energy and Yongwei Holdings. 1150706

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