Hengyang Valin Steel Tube Co., Ltd. announced that it has entered into capital increase for proceeds CNY 1000,000,000 on March 25, 2022. The CNY 614,643,311 is included in the paid-in capital and CNY 385,356,689 is included in the capital reserve. The transaction included participation form returning investors Hunan Valin Steel Co., Ltd. and Hunan Valin Iron&steel Group Co.,Ltd. After the capital increase is completed, Hunan Valin Steel Co., Ltd. will hold 85.91% stake and Hunan Valin Iron&steel Group Co.,Ltd. will hold 14.09% stake in the company.

The transaction has been approved by the second meeting of the eighth board of directors.