Xining Special Steel.Co.,Ltd announced a private placement and it will issue converted shares for aggregate gross proceeds of CNY 1,512,633,900 on November 27, 2023. The transaction will include participation from new investors, Tianjin Jianlong Iron and Steel Industry Co., Ltd. for 974,910,000 shares of converted shares at an issue price of CNY 1.29 per share for gross proceeds of CNY 1,257,633,900, and China Great Wall Asset Management Co., Ltd., China Foreign Economy and Trade Trust Co., Ltd., and Shenzhen China Merchants Ping An Asset Management Co., Ltd. for a total of 150,000,000 shares of converted shares at an issue price of CNY 1.7 per share for gross proceeds of CNY 255,000,000.