Liaoning Jinzhong New Material Industry Group was established with a registered capital of RMB 1.8 billion.

Recently, Liaoning Jinzhong New Material Industry Group Co., Ltd. was established with a registered capital of 1.8 billion yuan. Its business scope includes: sales of coal and products; sales of non-metallic minerals and products; sales of lime and gypsum; sales of concrete structural components, etc. Equity penetration shows that the company is jointly owned by Jidong Cement and Tianshan Cement. At the end of

last year, Tianshan announced that the company intends to co-invest with Jidong Cement to establish Liaoning Jinzhong Cement Group Co., Ltd. Of which, Jidong Cement has subscribed a capital contribution of 900 million yuan, holding 50% of the shares; Tianshan Cement has subscribed a capital contribution of 900 million yuan, holding 50% of the shares; the financial statements of the joint venture company are consolidated by Jidong Cement. Both parties shall make capital contribution in the form of currency, and the source of capital shall be their own funds.

Tianshan shares said that the purpose of foreign investment is to fully implement the national policy on capacity reduction in the cement industry, further promote the structural reform of the supply side of the regional cement industry, give full play to the respective advantages of both sides, make use of the existing technology, talent and management advantages of both sides, and jointly promote the revitalization and high-quality development of regional cement enterprises.