All members of the company and the board of directors guarantee that the contents of the information disclosure are true, accurate and complete, without false records, misleading statements or major omissions.

The Jingwei Textile Machinery Limited by Share Ltd (hereinafter referred to as "company" or "our company") held the seventh provisional meeting of the board of directors on the morning of October 30, 2014 morning at the conference room of the 7 floor of the first Shanghai center, 39, Liang Ma Qiao Road, Chaoyang District, Beijing. The meeting was chaired by Chairman Ye Maoxin. Meeting 8 directors, supervisors and senior managers attending the meeting should be present at the meeting of 8 directors, which is in line with the provisions of the company law and the articles of association of the company. After full discussion, the conference adopted the following resolutions with 8 votes, 0 votes against and 0 abstentions.

1. We agree to apply for an integrated credit line of RMB 300 million yuan to China Everbright Bank, Beijing Xinyuan sub branch, with a limit of 1 years.

Two, the company agrees to apply for an integrated credit line of RMB 300 million yuan to the China Merchants Bank Beijing Jianguo Road sub branch, which will be authorized for 1 years. company Use.

Notice hereby.

Jingwei Textile Machinery Limited by Share Ltd

Board of directors

October 30, 2014

Jingwei Textile Machinery: Big pattern Achieve great dreams

Jingwei Textile machinery has achieved a great reversal in its performance after obtaining the stake in the fusion trust company. The flexible management and incentive mechanism of the fusion trust has also injected vitality into the central enterprises. The operation experience and platform resources of the "golden control" operation will also help to create the golden control platform for Jingwei textile machinery. We are optimistic about the development and opportunities of the company in the mixed ownership reform. For the first time, we bought the rating of Jingwei Textile machinery for the first time. The target price is 22 yuan, which is more than 40% of the current stock price.

The key points of supporting rating.

The ultimate mapping of Heng Tian gold control platform? By the end of 2013, the H-share privatization of the company started. If the Heng Tian group bought and bought H-shares, the shareholding ratio will rise to 59.51%. The absolute holding company will open up the imagination for the future capital operation of the company. H-share privatization is in the stage of overseas financing and acquisition of H shares. We expect to be completed by the end of this year or early next year, and will become an important time window for the company's new stock price rising.

Trust performance is stable, business spanformation and capital operation will open up profit space. This year, influenced by the decline in the profitability of the main non-profit sector, the company's performance is likely to decline over the same period. However, according to our judgement, the company will be able to privatize H-shares next year, business spanformation, focus on the financial industry, and focus on building the gold control platform, and there will be a significant increase in profits.

The main risks faced by rating.

H shares privatization, business spanformation, and follow-up capital control platform capital operation failed to achieve; existing business performance significantly lower than expected.

Valuation.

At present, the valuation level of trust companies in A shares is relatively low, which is about 19 times in 14 years, while gold controlled platform companies have higher valuations, 38 times in 14 years, 14 times in the company's forecast earnings ratio is 21 times, the development platform of the golden control platform has been gradually clear, and the valuation has much room for improvement. We assume that the company completed the related capital operation of H-share privatization, business spanformation and gold control platform in 2015. In 2015, the gold controlled A shares forecast an average price earnings ratio of 34 times. If it is very conservative, 20 times the valuation level, the reasonable share price should be around 22 yuan. Therefore, we first covered the buying rating of Jingwei Textile machinery, with a target price of 22 yuan, which is more than 40% of the current stock price.