Stock Code: 200771 Stock ID: Hangqilun B Announcement No. 2021-02
Hangzhou Steam Turbine Co., Ltd.
Announcement on the progress of receiving compensation for relocation
The members of the Board and the Company acknowledge being responsible for the truthfulness,accuracy, and completeness of the announcement. Not any false record, misleading statement or significantomission carried in this announcement.
The Company signed the “Compensation Agreement for the Relocation of Non-residential Houses onState-owned Land” with Hangzhou Xiacheng Urban Construction Investment Development Group Co.,Ltd. The Company received a total of RMB 1,299,324,850 for the compensation for relocation. For details,please refer to the Announcement of the progress of the relocation project on August 6, 2018（Announcement No.: 2018-57).
The Company recently received a compensation of RMB 228,552,142.55 for the relocation, and it hasreceived a total of compensation of RMB 849,111,164.31 for relocation as of the announcement date.
The Company shall handle the compensation for land requisition and relocation as a special payablein accordance with the provisions of the “No. 3 Accounting Standards for Business EnterprisesInterpretation” and the “No. 16 Accounting Standards for Business Enterprises—Government Subsidies”by the Ministry of Finance. The final accounting treatment shall be subject to the annual audit opinion ofthe accounting firm.
The company will also continue to pay attention to the progress of the relocation work and fulfill itsobligation of information disclosure in a timely manner. Investors are advised to pay attention to investmentrisks.
This announcement is hereby made.The Board of Directors of Hangzhou Steam Turbine Co., Ltd.
January 6, 2021
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