UCASU & founder's statements on Chinese government's ban on founder's personal account

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May 04, 2021, 15:23 ET

ATLANTA, May 4, 2021 /PRNewswire/ -- UC Asset (OTCQX: UCASU), an Atlanta-based real estate investment firm, issues the below statement today:

"We have learnt that the Weibo account belonging to our founder, Larry Xianghong Wu, which has nearly 300,000 followers, was banned for 90 days till July 25, under the intervene of Chinese government regulators. According to Weibo's staff, the ban was triggered because Mr. Wu's account 'repeatedly made comments in violation of Chinese laws and regulations.' Weibo's staff failed to point out which laws or regulations Mr. Wu's comments violated. Weibo also failed to detail which of Mr. Wu's comments were responsible for said violations.

"We hereby confirm the following facts: 1) The account in question belongs to Mr. Wu personally. It has never been the property of our company, and has never been used by UC Asset for business purposes. What Mr. Wu says or has said on his personal account does not reflect the company's official stance, nor have his comments had any past or present influence on the company's business operations. 2) All of the company's daily operations are performed in the United States and subject to the jurisdiction of the United States. As far as we can see, no part of our business has been or will be influenced by the Chinese government's decision on our founder's person opinion.

"We believe China is committed to the rule of law and Mr. Wu will handle his personal issues as a law-abiding citizen."

Larry Wu, the founder of UC Asset, issues the following statement:

"As a concerned Chinese citizen, a patriot, a former policy consultant to the Chinese central government, and a former diplomat who worked at the Chinese Embassy in the USA between 2000-2004, I am deeply disappointed with the current situation in China, with respect to the freedom of speech which is a constitutional right of any Chinese citizen.

"In the past decades as a public opinion leader in China, I have been strongly critical on many policies by the Chinese government while supporting many other policies. Whether being critical or supportive, I have strived to be constructive. I have never challenged the legitimacy of our government or the sovereign of our nation, which I fought to protect in my earlier career. I have never expressed any opinions that are knowingly in violation of the laws of China.

"I now have great concern about public policy discussions in China, which is getting more and more intolerant to the extent that words by people like me are considered threats by those running the current censorship system. Such a toxic environment of policy discussion will unlikely produce effective policies for the interests of Chinese people.

"I will indefinitely quit the public discussion of polices in China, even after the ban on my social media account will be lifted, since I believe that I can no longer bring any positive changes to China's policy discussion under the current circumstance."

About UC Asset:
UC Asset LP is a limited partnership formed for the purpose of investing in real estate with value-added strategies, concentrating in metropolitan areas of Atlanta, GA. For more information about UC Asset, please visit: www.ucasset.com

Disclaimer:
This News Release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause our actual results, performance or achievements, or industry results, to differ materially from any these statements. You are cautioned not to place undue reliance on any those forward-looking statements. Except as otherwise required by the federal securities laws, we undertake no obligation to publicly update or revise any forward-looking statements after the date of this News Release. None of such forward-looking statements should be regarded as a representation by us or any other person that the objectives and plans set forth in this News Release will be achieved or be executed.

For More Information Contact:
Christal Jordan | Investor Relations Director, UC Asset LP
[email protected] | 678-499-0297

SOURCE UC Asset LP