Date: 2013-07-31

YCEG's Attitude To LYC-Schaeffler Restructuring

"LYC's restructuring is seriously sensationalized. First, the so-called restructuring have no influence on our LYC Bearing Co.,Ltd; then, we have received no notice from Luoyang authority or LYC Group about anything of the restructuring."

Mr. Chen xuefeng, chairman of YCEG(Yongcheng Coal & Electricity Group), said the above words, when he was interviewed by CBN(China Business News). When it comes to the frame agreement signed by LYC and Schaeffler, Mr. Chen said:"that's just an agreement to express both parties' intention, no more than that."

From the other part, Luoyang State Assets Committee, a man in charge said:"Schaeffler and LYC's acquisition have nothing to do with national security and economic security, it's an alternative to solve LYC's exsiting debt problem."

YCEG is the present holder of Luoyang LYC Bearing Co.,Ltd. Last year, YCEG and LYC Group formed the Luoyang LYC Bearing Co.,Ltd. YCEG have 62.5% controlling share of the company.

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