FSL subsidiary liquidation, will not affect the performance of 2016

FSL yesterday evening announcement, on April 18, 2016, the company's subsidiary Suzhou moonteck creditors Suzhou Electronics Co. Ltd. in Suzhou Special Olympics moonteck unable to repay debts, and assets are insufficient to pay off all the debts on the grounds, apply to the people's Court of Suzhou Industrial Park, Suzhou moonteck petitions for bankruptcy. The company yesterday (May 9, 2016) received a subsidiary of Suzhou, Suzhou, Thailand and Thailand forwarded the people's Court issued a "civil ruling" and "notice".

The civil ruling pointed out that the people's Court of Suzhou Industrial Park believes that the applicant Suzhou Special Olympics Electronics Co., Ltd. to be eligible to apply for the applicant, the Suzhou union Thai debt, with the applicant. The applicant is an enterprise legal person with independent legal person qualification, which belongs to the subject of bankruptcy. The applicant is unable to repay debts by the applicant, and the apparent lack of liquidity, the Suzhou Special Olympics Electronic Co. Ltd as a creditor to apply for bankruptcy liquidation of the applicant by the Thai League in Suzhou, in accordance with the law, shall be permitted.

Suzhou is a subsidiary of FSL holdings, the company holds a 50.5% stake. As of May 9th, FSL's investment in the Suzhou League of 24 million 360 thousand yuan, has not been confirmed by the judicial claims of $14 million 187 thousand and 300, a total of 38 million 547 thousand and 300 yuan. 2015 year, the company has full provision for impairment of assets mentioned above, is expected to Suzhou bankruptcy and liquidation of the Thai Union will not have a significant impact on FSL's operating results for the year 2016.

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