Antai Technology: Announcement of Internal Entrusted Loan Business

The Company and its directors guarantee the truthfulness, accuracy and completeness of the contents of the announcement, and there are no false records, misleading statements or major omissions.

Interpretation:

Unless otherwise stated, the following abbreviations have the following meanings in this announcement:

Antai Technology, Company, the company: Antai Technology Co., Ltd.

I. Overview of Entrusted Loans

In order to further improve the efficiency of the company's staged idle funds, give full play to the maximization of capital benefits, optimize the internal structure of the company's funds, reduce the overall capital cost of the company, and ensure the utilization of funds such as production and operation, project construction, etc. Sexual idle funds choose the opportunity to entrust the loan business between the company's holding company or holding company. Among the subordinate holding companies that the company intends to provide entrusted loans, only the shareholders of Heye Technology Co., Ltd. include China Steel Research Technology Group Co., Ltd., the controlling shareholder of the company.

On August 13, 2013, the 19th meeting of the fifth board of directors of the company passed the “Proposal on the Implementation of Internal Entrusted Loan Business of Antai Technology Co., Ltd.”.

Heye Technology Co., Ltd., a subsidiary of the company, was established in August 2000. The current registered capital is 291.53 million yuan. The legal representative is Zhao Shiqian. The main business is high-speed tool materials and products. At the end of 2012, the total assets under audit were 1,770,589,100 yuan. The net assets were RMB 119,927,232, and the operating income was RMB 849,421,000. The net profit attributable to the owner of the parent company was RMB 26,423,700. The company's major shareholders share the following proportions, Antai Technology holds 51.54%, controlling shareholder China Iron and Steel Technology Group Co., Ltd. holds 3.43%, Sumitomo Corporation (China) Co., Ltd. holds 16.58%, and Erasteel SAS holds 10.29%. The company did not provide entrusted loans to Heye Technology in the previous year.

This time, Antai Technology intends to provide entrusted loans to Heye Technology. The company's related shareholder, China Iron and Steel Technology Group Co., Ltd., did not provide loans to Heye Technology in the same proportion. The main reason is that the steel research group has a small shareholding in Heye Technology. It was only 3.43%, and the interests of Antai Technology were not damaged.

Second, the amount of entrusted loans

The board of directors agreed to authorize the president of the company to carry out the entrusted loan between the holding company or the holding company with a single amount of no more than 100 million yuan and an accumulated amount of no more than 300 million yuan at any time. The loan is used to supplement the operating liquidity. The entrusted loan interest rate is between 10% of the bank's loan interest rate for the same period.

Third, the board of directors

Under the premise of ensuring the capital requirements such as production and operation, the use of idle funds to carry out entrusted loan business will not adversely affect the company's operations, help to improve the efficiency and income of capital use, and further improve the overall income of the company. Holding company, so the risk of default is low. There is no harm to the company and all shareholders, especially the interests of small and medium shareholders.

Fourth, the opinions of independent directors

In the period when the company's funds are relatively abundant, under the premise of ensuring the capital requirements such as production and operation, project construction, etc., the use of staged idle funds to select the internal entrusted loan business will help improve the efficiency of the company's funds and increase the company's capital income. At the same time, the entrusted loan business between the company's holding company and the holding company can fully utilize the company's overall advantages under the premise of controlling risks, meet the capital needs of the holding company's business operations, realize the internal structure optimization of the company's funds, and reduce the company. The overall financial risk and financial costs will not adversely affect the company's production and operation. The entrusted loan business is in the interests of the company. There is no harm to the company and all shareholders, especially the interests of small and medium shareholders, and the company is allowed to carry out the business.

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