Hainan Ruize continues to pledge 15% equity interest in Zhaoqing Jingang Cement to China Resources Cement

On November 3, Hainan Ruize issued a progress announcement on the pledge of 15% equity of Zhaoqing Jingang Cement Co., Ltd.

It is reported that on August 29, 2023, Hainan Ruize held the 33rd meeting of the fifth board of directors, deliberated and adopted the Bill on the Proposed Pledge of 15% Equity of Zhaoqing Jingang Cement Co., Ltd. The board of directors agrees that Hainan Ruize will continue to pledge 15% of the equity of Zhaoqing Jingang Cement Co., Ltd. to China Resources Cement Investment Co., Ltd. for a period from the registration date of equity pledge to November 2024. On November 3,

2023, Hainan Ruize received the Notice of Establishment Registration of Equity Pledge (Yue Zhao) [2023] No.44120012300067312 issued by the Market Supervision and Administration Bureau of Gaoyao District, Zhaoqing City. In July

2022, Hainan Ruize announced that, in view of the small production capacity of Zhaoqing Jingang Cement Co., Ltd. (Hereinafter referred to as "Jingang Cement"), a wholly-owned subsidiary of the company, and its own resource advantages such as limestone mines, the production cost of cement clinker is on the high side. Cement products lack competitive advantages, and the Company will focus on environmental protection and ecological industry, commercial concrete and prefabricated construction business in the future. Meanwhile, in order to further adjust the debt structure of the Company, the liquidity risk of the Company will be reduced in the short term. Therefore, the board of directors agreed that the company would transfer 85% of the shares of Jingang Cement to China Resources Cement. After negotiation between the company and China Resources Cement, it is determined that the company will transfer 85% of the equity of Jingang Cement to China Resources Cement at a price of 540 million yuan.