Stock：WazhouB Code：200706 No.：：2019-14 Wafangdian Bearing Company Limited Announcement of
Reevaluating and selling the house on Ziwei Street Number 26 in Dalian
Our company, the whole members of the board of directors and top managements ensured the truth, accuracy, completeness, no false record, misleading statement and fatal omit of the announcement.
Wafangdian bearing co., LTD. (hereinafter referred to as "the company") held the first interim board meeting of 2019 on June 17, 2019, deliberated and passed the “reevaluating and selling the house on Ziwei Street Number 26 in Dalian". In order to clean up and revitalize the company's assets, the company intends to dispose of the houses located in self-defense street, zhongshan district, dalian city.
I.Summary of transactions:
The company has five properties located at 26 Self-defense Street, Zhongshan District, Dalian city, which is jointly built by the company and Dalian Economic Policy Research Center. On September 17, 2018, the company held its first interim board of directors to review and approve the "proposal on the sale of real estate" (the full text of the announcement is detailed in the "announcement on the sale of real estate of Wafangdian Bearing Co., LTD." published on the Giant Tide Information Website on September 18, 2018). Four of the properties have been sold, and the remaining one has been sold publicly without any buyers. Since the evaluation report has expired, the company now re-evaluates this store and sells it publicly. It is not known whether it constitutes an affiliated transaction. If it constitutes an affiliated transaction and touches upon relevant approval and disclosure items, the company will re-go through relevant procedures and make information disclosure.
The sales price of the property publicly sold by the company shall not be lower than its assessed value, and the final price shall be subject to market acceptance. In addition, the company strictly follows relevant laws, regulations and procedures regarding the transaction process, pricing principles and the decision to sell the property to a third party.
According to article 9.3 (5) of stock listing rules of shenzhen stock exchange, the profits generated from trading account for more than50% of the audited net profits of a listed company in the latest fiscal year, and the absolute amount is more than 5 million yuan, which shall be submitted to the shareholders' meeting for deliberation. The audited net profit of the company in 2018 is 10.63 million yuan. According to the preliminary calculation, the involved amount does not touch the disclosure standard, so it is unnecessary to submit to the shareholders' meeting for review.
Stock：WazhouB Code：200706 No.：：2019-14 According to the appraisal situation, the transaction to be sold does not constitute the material assets reorganization as stipulated in the measures for the management of material assets reorganization of listed companies. The company will fulfill the corresponding approval procedures and disclosure obligations in a timely manner according to the actual progress of the sale of the asset subject matter in strict accordance with the stock listing rules, the articles of association and other relevant provisions.
II.Basic information of the buyer
Due to the property being offered for public sale ,thus the buyers are uncertain
III. Basic information of object
Details of the property to be disposed are as follows
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|Name|㎡|Original value|Net value|Assessment|
|Dalian City Zhong Shanarea ZIwei street No 26|150.00|343,830.56|79,220.70|2,413,500.00|
|Total|150.00|343,830.56|79,220.70|2,413,500.00|

The ownership of the assets mentioned above is clear. There is no right of mortgage, pledge or other third party. There is no major dispute, lawsuit or arbitration concerning the assets.
IV.The main contents of the transaction agreement
Non
V.Other arrangement involving the sale of assets
The asset sale does not involve personnel resettlement, land leasing, related transactions, inter-bank competition and other follow-up arrangements.
VI.The purpose of the acquisition of assets and their impact on the company
The purpose of the proposed asset sale is to clean up and revitalize the company's assets. The assets to be sold will be publicly traded and the transaction price and earnings cannot be accurately calculated at present. It is estimated that about 4 million yuan will be sold. All of the current profit and loss will be affected, and the specific amount will not be confirmed until the payment is received and related expenses are deducted.The purpose of the proposed asset sale is to clean up and revitalize the company's assets. The assets to be sold will be publicly traded and the transaction price and earnings cannot be accurately calculated at present.All of the current profit and loss will be affected, and the specific amount will not be
confirmed until the payment is received and related expenses are deducted.
Stock：WazhouB Code：200706 No.：：2019-14 VII.The documents for future reference
1. The announcement of Resolution of the 2019 1st Board Session
2. The opinion of independent director.
3. The first interim board of supervisors meeting of wafangdian bearing co., LTD in 2019.
Board of director of Wafangdian bearing Company limited
June 17. 2019