Gansu Qilianshan Cement Group Co., Ltd. (SHSE:600720) agreed to acquire 6 Companies in China from China Communications Construction Company Limited (SEHK:1800) and China Urban and Rural Holding Group Co., Ltd. on May 11, 2022. The price of this issuance of shares to purchase assets is CNY 10.62 per share. As of June 15, 2022, the price of issuance of shares to purchase assets has been updated to CNY 10.17 per share. As of December 28, 2022, the parties entered into a supplemental agreement, as per the terms, Gansu Qilianshan Cement Group Co., Ltd will issue total of 1,285,418,199 shares as a consideration. Gansu Qilianshan will raise supporting funds of not more than CNY 3,401,799,300 by issuing not more than 30% of total share capital (total share capital prior to the acquisition's issuance) to not more than 35 investors. As of March 10, 2023, Shareholders of Gansu Qilianshan Cement Group Co., Ltd. (SHSE:600720) and China Communications Construction Company Limited (SEHK:1800) approved the transaction.

The transaction has been approved in principle by China Communications Construction Company Limited, in-principle consent of Gansu Qilianshan's controlling shareholder China National Building Materials Co., Ltd. and its concerted action party Gansu Qilianshan Building Materials Holdings Co., Ltd., and the actual controller China National Building Materials Co., Ltd. The transaction has been reviewed and approved at the first extraordinary meeting of the ninth board of directors of Gansu Qilianshan. This transaction still needs to be reviewed and approved by Gansu Qilianshan's board of directors again, still needs to be considered and approved by the shareholders' meeting of Gansu Qilianshan, approval of the state-owned capital authority, approval of the Stock Exchange, approval of the China Securities Regulatory Commission and subject to other necessary approvals or approvals (if necessary) required by relevant laws and regulations. CITIC Securities Company Limited (SHSE:600030) acted as a independent financial advisor to Gansu Qilianshan Cement Group Co., Ltd. The Approvals of the 4th, 12th, 13th, and 15th Meetings of China Communications Construction Company Limited's 5th Directorate;The Approvals of the 6th and 10th Extraordinary Meetings of China National Building Material Co., Ltd.'s 5th Directorate and The Approvals of the 40th, 51st, and 52nd Meetings of China Urban and Rural Holding Group Co., Ltd.'s 1st Directorate have been obtained. As of September 30, 2022, Total Assets were of CNY 28 billion and Net Assets ere of CNY 9 billion. China International Capital Corporation Limited (SEHK:3908) acted as financial advisor and DeHeng Law Offices acted as legal advisor for Gansu Qilianshan Cement Group Co., Ltd. Xia Honglin, and Zhou Wen of Mazars Certified Public Accountants LLP acted as accountants, Shi Zhenjian, Liu Zhuoli of Jia Yuan law office acted as legal advisors, Li Qi, Zhang Tengyi, Zhou Jiang Qin Han, Liu Baijiang of CITIC Securities Company Limited (SHSE:600030) acted as financial advisors to China Communications Construction Company Limited (SEHK:1800). As of March 9, 2023, State-owned Assets Supervision and Administration Commission of the State Council has approved the transaction.