Hunan Valin Xiangtan Iron and Steel Co.Ltd agreed to acquire 6% stake in Lanzhou LS Heavy Equipment Co., Ltd (SHSE:603169) from Lanzhou Lanshi Group Company Limited for approximately CNY530 million on August 22, 2023. The transaction has been reviewed and approved at the 15th meeting of the 8th board of directors of the Hunan Valin Xiangtan Iron and Steel Co.Ltd, and has completed the approval procedures of the Hunan Provincial SASAC, and does not need to be submitted to the general meeting of shareholders for review and approval. The transaction will not take effect and be implemented until Lanshi Group obtains the approval of the State-owned Assets Supervision and Administration Department and other competent institutions.