Shangfeng Cement intends to increase the capital of its wholly-owned subsidiary by 400 million yuan.

Shangfeng Cement announced in the evening of September 13 that the company intends to increase its capital by 400 million yuan to Shangrong Logistics, a wholly-owned subsidiary, with its own capital. The registered capital of Shangrong Logistics will be increased from 30 million yuan to 430 million yuan.

In order to further improve and optimize the financial structure of Ningbo Shangrong Logistics Co., Ltd. and promote sustainable development, the capital source of this capital increase is the company's own funds, which will not adversely affect the company's financial and operating conditions, and will not damage the interests of the company and its shareholders.