Lihé (Zhangzhou) Industrial Co., Ltd. Notice Regarding Cessation of Operations and Bankruptcy Liquidation

To all assisting manufacturers, customers, banks, investors, and all colleagues of Lihé Company:

It is with great regret that we inform you that, due to various reasons including poor management, the impact of the three-year pandemic, and changes in the market environment, Lihé (Zhangzhou) Industrial Co., Ltd. has, in recent years, been affected by drastic changes in the overall environment. In addition, assisting manufacturers have pursued their claims and banks have demanded payment of matured amounts, resulting in a series of impacts: the company has fallen into a debt crisis and its accounts have been judicially frozen. The company’s assets are now insufficient to repay its debts. Lihé (Zhangzhou) Industrial Co., Ltd. has no choice but to announce the cessation of operations and enter judicial bankruptcy liquidation proceedings. Lihé (Zhangzhou) Industrial Co., Ltd. and its management team deeply regret this unexpected outcome.

We understand that, as our customers, suppliers, and colleagues, your trust in and support for Lihé (Zhangzhou) Industrial Co., Ltd. have been the most important driving force behind the company’s existence and development. We hereby express our gratitude to you and promise to make every effort to properly handle all matters concerning you, ensuring that your rights and interests are not harmed.

We have now decided to cease operations on March 31, 2024. We will initiate bankruptcy liquidation proceedings in accordance with the law and apply to the relevant government authorities and the court for bankruptcy liquidation, so as to protect the legitimate rights and interests of all parties in accordance with the law. All creditors and employees may reconcile their accounts with us and confirm their respective claims, outstanding wages, economic compensation (based on length of service), social security and medical insurance fees, and other amounts. You may also protect your rights and interests through judicial proceedings in accordance with the law. We will contact you by email or telephone to provide information regarding the progress of the bankruptcy liquidation and the repayment of debts. We feel deeply guilty and regretful about our closure and once again express our deepest apologies to everyone.

Notifying entity: Lihé (Zhangzhou) Industrial Co., Ltd.

April 1, 2024

Poor management