Jiaxin Silk (002404): The Subsidiary Received The First Payment Of Compensation 7 Million 587 Thousand And 100 Yuan.
Jiaxin silk (002404.SZ) announced that the company held the twenty-seventh meeting of the seventh board of directors in November 19, 2019, and deliberated and adopted the motion on signing the compensation agreement for land expropriation. A wholly owned subsidiary, Zhejiang Jiaxin seedling City Development Co., Ltd. ("seedling city company") has signed the "land acquisition compensation agreement" with the people's Government of Tu Dian Town, Tongxiang. According to the "land acquisition compensation agreement", the total amount of the land expropriation compensation is RMB 78 million 96 thousand and 920 yuan.
In November 27, 2019, the nursery city company received the first payment compensation of 7 million 587 thousand and 120 yuan, which was paid by Tongxiang Tu Dian Textile Industrial Park Development Co., Ltd. The company will carry out accounting treatment of the above compensation according to the relevant provisions of the enterprise accounting standards, and the effect of specific accounting treatment and relevant financial data shall be determined by the annual audit confirmation of the accounting firm.
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