Shanghai Fosun High Technology (Group) Co., Ltd. entered into the Share acquisition agreement to acquire 29.5645% stake in Zhejiang Wansheng Co., Ltd. (SHSE:603010) from Nanjing Iron & Steel Co., Ltd. (SHSE:600282) for CNY 2.65 billion on March 14, 2023. Nanjing Iron & Steel has agreed to sell 174,305,939 shares of Wansheng (representing approximately 29.5645% of the issued shares of Wansheng as at the date of this announcement) and all underlying rights of such shares, at the acquisition consideration of CNY 2.65 billion, which will be payable by Fosun High Technology in cash via a combination of internal resources and/or external financing. Within 20 working days after this agreement takes effect, the Shanghai Fosun High Technology shall the first transfer price of CNY 1 billion, within 10 days when the Nanjing Iron & Steel receive the first payment Shanghai Fosun High Technology (Group) Co., Ltd. Nanjing Iron & Steel shall submit an application to the Stock Exchange for confirmation of this transaction and apply to the registration and settlement institution for the transfer registration of the target shares Shanghai Fosun High Technology will pay CNY 1.65 billion within 2 working days from the the date of completion of the transfer registration of the shares. On October 25, 2023, Nanjing Iron & Steel received the first payment of CNY 1 billion. The Nanjing Iron & Steel Co. intends to use the proceeds from the Disposal for the general working capital.

Share Acquisition Agreement is premised on the satisfaction of the following conditions, agreement have both been approved in the board of directors? meeting and shareholders? meeting of Nanjing Iron & Steel. The agreement have been approved by the relevant authorities of Fosun High Technology. Relevant resolution in respect of the waiver of the lock-up undertaking (as further elaborated below) has been passed in the board of directors? meeting and the shareholders? meeting of Wansheng. As of March 31, 2023, shareholders of Nanjing Iron & Steel Co., Ltd. approved the transaction. As of October 22, 2023, Nanjing Iron & Steel Co., Ltd. held the 30th Meeting of the 8th Directorate and approved the parties signing ?Share Transfer Agreement Supplement Agreement. Within 3 working days after this supplement agreement becomes effective, Shanghai Fosun High Technology (Group) Co., Ltd. will pay CNY 1 billion. Within 12 months from the completion of the transfer, Shanghai Fosun High Technology (Group) Co., Ltd. will pay CNY 1.65 billion.

Shanghai Fosun High Technology (Group) Co., Ltd. entered into the Share acquisition agreement to acquire 29.5645% stake in Zhejiang Wansheng Co., Ltd. (SHSE:603010) from Nanjing Iron & Steel Co., Ltd. (SHSE:600282) on October 27, 2023.