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Shanghai Xiaonan Guo: The group has temporarily suspended operations of all restaurants operated under the Shanghai Xiaonan Guo brand in Shanghai.
The board hereby clarifies that the operation of the ten restaurants under the Shanghai Xiao Nan Guo brand currently owned by the company has been temporarily suspended to facilitate the group’s strategic restructuring. The board also clarifies that the statements regarding non-refundable deposits and prepaid cards in related articles are incorrect. The company is processing refunds for customers’ deposits, and funds for prepaid cards are held in designated escrow accounts, which are available for refund. Board members will continue to uphold their commitments and ensure that all deposits and prepaid card funds are properly refunded to customers.