ST Westfire: Chairman Luo Xi is detained, company control remains unchanged

ST West Development announces that the company’s actual controller and Chairman, Mr. Luo Xi, has been issued a “Notice of Filing Case” and a “Detention Notice” by the Tibet Autonomous Region Supervisory Committee due to suspected illegal activities. Currently, the company has not received any investigation or cooperation documents related to the investigation. Mr. Luo Xi has authorized the company’s General Manager, Ms. Chen Tingting, to handle matters such as pre-restructuring and major asset restructuring on his behalf. The company’s Vice Chairman, Mr. Liao Chuan, is performing the duties of Chairman in his stead. The company’s control rights have not changed, and other directors and senior management personnel are performing their duties normally. The company is currently in the pre-restructuring stage, and related work is being carried out in accordance with the law.