Hainan Xiangjin Industrial Co., Ltd. agreed to acquire a 70% stake in Chenzhou Xinglong Mining Co., Ltd. from Fangda Special Steel Technology Co., Ltd. (SHSE:600507) for CNY 20.6 million on February 21, 2022. Consideration price shall pay in three installments within two years, specifically, Phase 1: Within 5 working days after the signing of the agreement, will pay the equity transfer price of CNY 8 million. The second phase, within 18 months after the signing of the agreement, shall pay 70% of the equity transfer price, namely CNY 14.44 million.

Phase 3, within 24 months after the signing of the agreement, shall pay the entire equity transfer price. For the year ended September 30, 2021 Chenzhou Xinglong has Revenue of 0.1302 million, Total Assets 34.5209 million, Net Income -1.2818 million, Total Common Equity -3.9851 million. Fangda Special Steel Technology Co., Ltd. board approved the deal.