Evening of February 17th，Changhang Navigation Phoenix (000520) announced，The company received a letter from the company’s controlling shareholder, 188bet mobile login Shipping Co., Ltd. (hereinafter referred to as “188bet mobile login”)，188bet mobile login received the civil ruling from the Tianjin Second Intermediate People’s Court，The Tianjin Second Intermediate People’s Court ruled to accept the company’s bankruptcy liquidation application。

Announcement display，188bet mobile login was unable to pay off its due debts on January 22, 2019，Apply to Tianjin Second Intermediate People’s Court for bankruptcy liquidation on the grounds that the assets are insufficient to pay off all debts。As of October 31, 2018，188bet mobile login’s book assets 37.2.8 billion yuan，Liability 38.2.4 billion yuan，Owner’s Equity-0.9.6 billion yuan。February 12, 2019，Tianjin Second Intermediate People's Court issued the "Notice on the Appointment of Administrators in the Bankruptcy and Liquidation Case of Tianjin Shunhai Shipping Co., Ltd."，Intermediaries participating in the selection of managers are required to register before 17:00 pm on February 19, 2019，And submit a declaration form and certificates corresponding to the contents of the declaration form to the hospital、Information，February 13, 2019，The Tianjin Second Intermediate People’s Court’s civil ruling ruled that the company’s bankruptcy liquidation application was accepted。

Tianjin Second Intermediate People’s Court believes，The applicant 188bet mobile login’s book assets exceed 50 million yuan，Residence is in Tianjin Binhai New Area，Therefore the court has jurisdiction over the case according to law。According to the evidence provided by the applicant, it can be confirmed that the applicant is insolvent and the assets are insufficient to pay off the debts when due，Therefore, the applicant’s bankruptcy liquidation application complies with legal requirements，Tianjin Second Intermediate People’s Court should accept the case。In accordance with Article 2, Paragraph 1 of the Bankruptcy Law of the People's Republic of China、Article 3、Provisions of Article 7, Paragraph 1，The ruling is as follows，Accepting bankruptcy liquidation application of 188bet mobile login。

Changhanghang Phoenix Express，As of the announcement disclosure date，188bet mobile login holds about 1 company in total.8.1 billion shares，Accounting for 17% of the company’s total share capital.89%，188bet mobile login enters bankruptcy proceedings，It will not affect the company’s production and operation for the time being，But it may lead to changes in the actual control of the company。

*Source of this 188bet mobile login: Beijing Business Daily, author: Liu Fengru, original title：《The court accepts the bankruptcy liquidation application of 188bet mobile login, the controlling shareholder of CSC Phoenix》.