Significant growth in Saudi Arabia's cement industry in Q2 2025. The total sales volume of 17 cement producers reached 13.13 million tons, up 21% year-on-year. The growth was mainly due to local demand, with local sales accounting for 97% of total shipments, up 23% year-on-year, while exports fell 16%, accounting for only 3% of total sales. The data, compiled by Riyadh's Al Yamama Cement Company, shows that the development trend of the Saudi cement industry is dominated by local demand.
Saudi Arabia's cement industry achieved significant growth in the second quarter of 2025. Saudi Arabia's 17 cement producers sold a total of 13.13 million tons, up 21% from a year earlier, according to Riyadh's Al Yamama Cement. The growth was driven primarily by local demand, with local sales accounting for 97% of total shipments, up 23% from a year ago. Exports fell by 16%, accounting for only 3% of total cement sales.
Lafarge Africa expects historically good earnings performance in fiscal year 2025, with analysts forecasting revenue of 1 trillion naira. Despite the decline in stock market value, the valuation is still high. CSL reiterated its "buy" rating. In the first half of 2025, many data of the company increased significantly year-on-year, and cost optimization measures helped to improve profits. Although the prospects are generally strong, there are uncertainties in the proposed acquisition by Huaxin Cement, and legal disputes initiated by strategic consulting companies may lead to delays in the transaction and bring uncertainties to the prospects.
2025-08-11 10:57:19
Significant growth in Saudi Arabia's cement industry in Q2 2025. The total sales volume of 17 cement producers reached 13.13 million tons, up 21% year-on-year. The growth was mainly due to local demand, with local sales accounting for 97% of total shipments, up 23% year-on-year, while exports fell 16%, accounting for only 3% of total sales. The data, compiled by Riyadh's Al Yamama Cement Company, shows that the development trend of the Saudi cement industry is dominated by local demand.
2025-08-11 10:23:04
Cemros, Russia's largest cement producer, announced that from October 1, 2025, the management company and factory employees will work four days a week. This was due to a reduction in cement consumption and an increase in the market share of imported cement, a decision that was "forced but balanced" in order to maintain long-term stability and social balance in unstable times. The company has 18 factories and mining sites that will resume normal operations as soon as domestic demand recovers, and management is committed to retaining qualified employees.
2025-08-08 11:46:53
After three consecutive years of sharp decline in exports, Vietnam's cement industry recovered briefly in the first half of 2025, with an export volume of 16.8 million tons and an export value of 630 million US dollars, an increase of 6.7% and 4.4% respectively. However, it has recently encountered adverse news from the export market. This shows that although Vietnam's cement industry has experienced periodic recovery and development, it still faces many challenges, its development trend is affected by many factors, and its future trend is full of uncertainty.
2025-08-05 15:25:17
On August 1, the government will issue regulations to restrict the import of 50 kilograms of pre-packaged cement. The country consumes 650,000 tons of cement annually, and 450,000 tons are supplied to the retail market by Namibia and South Africa in 50 kg packages. The country's three producers are expected to meet domestic demand when they complete their expansion, but logistics, especially rail transport, limit their distribution. This regulation aims to promote the development of local production and related industrial chains, reduce import dependence, but also solve the logistics problems faced by local producers.
2025-08-05 10:48:41
The CEO of CRH said that the acquisition of Eco Material strengthens its position as a leading cement-based material producer in North America and demonstrates the rigor of capital allocation. Headquartered in Utah, USA, Eco Material has a wide range of business and cooperation with many parties, as well as production capacity under construction. The chairman of Eco Material said he was pleased to work with CRH. The transaction, which is subject to regulatory approval, is expected to close in 2025, with CRH using its own cash and an unchanged credit rating. Eco Material is a leading producer of sustainable cement alternatives in North America, and its technology has many advantages.
2025-08-05 09:54:35
Dangote Cement, Africa's largest cement producer, plans to open a cement grinding station with an annual capacity of 3 million tons in Ivory Coast in the third quarter of 2025. Its exports from Nigeria increased year-on-year, and clinker was shipped to Ghana and Cameroon. The company's strategic focus is to create long-term value and make progress in cost optimization. The company's strong profit growth was helped by the stability of the naira and the rise in cement prices. It has 48.6 million tons of annual production capacity in Africa and has restarted the construction of a cement plant in Nigeria.
2025-08-05 09:37:08
Domestic sales of South Korea's cement industry fell below 20 million tons for the first time in the first half of the year, hitting a 33-year low. Sales fell 17.4% year-on-year, plunging 27.5% in just two years after peaking in 2023. The decline is due to the decline in shipments caused by the recession in the construction industry, which will affect the performance of major cement companies. Although the decline in sales may narrow in the second half of the year, the construction industry is unlikely to rebound, and government budget cuts and environmental regulations are limiting sales growth.
2025-08-05 09:30:54
Togolese cement manufacturers accelerate decarbonization efforts, and industry leaders at the Lomé meeting proposed two strategies to reduce carbon dioxide emissions by 2050. The first is to reduce the clinker coefficient, focusing on the use of LC3 cement, aiming to reduce the clinker content from 65% to 40%, which can reduce carbon dioxide emissions by 40%; the second is to increase the use of alternative fuels, replacing coal with agricultural or urban waste. Local cement production is estimated to generate 900,000 tons of carbon dioxide in 2023, doubling in 2050 without intervention. The manufacturer sought to cooperate with the authorities and the strategy was presented to the Government.
2025-07-25 17:25:07
The Cahya Mata Sarawak Berhad (CMSB) awarded the EPCC contract worth RM673 million (approximately RMB1.14 billion) to Tianjin Cement Design & Research Institute Co., Ltd. (TCDRI). TCDRI will build CMSB's second cement clinker production line in Kuching, Sarawak, which is expected to be completed in 21 months, with first production in April 2027 and full commissioning in June. The new production line has a daily output of 6,000 tons, which can double production capacity, reduce import dependence and support local infrastructure, and has been approved by the Sarawak government.
2025-07-25 17:06:48
With the rapid restructuring of the cement industry in South Korea, the total domestic market share of Hanyi Cement and Hanyi Hyundai Cement is about 21.8%, surpassing Ssangyong Cement to the first place, and the total market share of the top three is about 62%. Hanyi Hyundai Cement will be renamed Hanyi Cement. In addition to the three giants, Miura Cement and Chengxin Cement followed closely, with a total share of 8.6% for small enterprises. The merger is based on multiple considerations, and the president of Hanyi Cement said it would reduce duplicate investment to achieve sustainable growth.
2025-07-24 11:32:16
Dar Cement Co., Ltd., Aden Free Zone, Yemen, launched the first batch of products to enter the construction and building materials market. The company will supply 50 kg of the new Portland cement, which will be produced according to European and American standards. This is due to years of strategic planning and efforts to introduce advanced production lines and employ high-quality talents. Products are rigorously tested and the company adheres to high standards from procurement to distribution. The company calls on all parties to try products, and plans to expand production to meet more demand and enter the regional market. The plant has an investment of 50 million US dollars and an annual output of 500,000 tons of cement in the first stage.
2025-07-22 09:45:43
Algeria's Minister of Housing, Cities and Territories announced at the 44th annual meeting of Shelter Afrique that the country had moved from dependence on imports to self-sufficiency and export of building materials. Thanks to the strategic vision and the will of the state, the output of building materials such as cement and steel bars is considerable, and the industrial capacity has greatly increased. As a result, the country is able to meet domestic demand and export, and the construction and public works sector, which accounts for about 12.9% of GDP, has become a strategic pillar of development and regional integration.
2025-07-18 10:36:41
Reuters reported on July 17 that some U.S. solar module manufacturers asked the U.S. Ministry of Commerce to impose tariffs on imports from Indonesia, India and Laos, accusing companies in these countries of dumping cheap goods in the market to weaken the competitiveness of new U.S. factories.
2025-07-18 10:09:36
Portland Cement (Malawi) Limited, a subsidiary of Huaxin Cement, is nearing completion of its cement manufacturing complex in Baraka District. The project invested 200 billion kwacha, and the annual production capacity increased from 300000 to 800000 tons after putting into operation. It is expected that this year's operation will directly create 500 jobs and indirectly create 3000 jobs, reduce imports, increase foreign exchange earnings and promote technological progress. The project will be unveiled by the President on July 25, 2024. The project is in line with the Malawi ATMM strategy and the company has been complying with local requirements and regulations.
2025-07-15 09:55:34
In the first half of 2025, Brazilian cement sales reached 32 million tons, an increase of 3.5% over the same period last year, and the "My Home, My Life" housing program and the active employment market boosted demand. However, the monthly sales in June fell by 1.7% compared with the same period last year, with a slight increase in shipments on working days. In the second half of the year, the industry is facing multiple obstacles such as shortage of skilled workers, high interest rates, changes in the use of funds and rising costs of building materials. Consumer and industrial confidence indices are declining. Global economic turmoil and rising prices of raw materials are also pushing up costs. SNIC expects growth to slow down and calls for relevant policies.
2025-07-15 09:27:10
From January to June 2025, Swiss cement shipments increased slightly by 2% to 1.786 million tons. The proportion of CEM II cement increased, the bulk cement dominated and the shipment volume increased slightly, and the bagged cement volume increased. Ready-mixed concrete enterprises absorb nearly 70% of the supply. Transportation is mainly by highway, and the share of railway transportation is declining. Despite external uncertainties, the Swiss construction industry is expected to remain robust, with the country's cement association rating the outlook for cement demand in the second half as "positive".
2025-07-14 11:18:55
Holcim of Switzerland has invested in SaltX Technology of Sweden to build the world's first all-electric cement plant in order to expand its near-zero-emission cement production capacity. SaltX focuses on the electrification of industrial processes, and its plasma technology is powered by renewable energy to address carbon emissions. Holcim works with SaltX to decarbonize cement manufacturing to meet customer needs. This is the decisive measure for Holcim to build an all-electric cement plant. Holcim has made 17 investments through MAQER Ventures. SaltX said the cooperation between the two sides will promote the industrialization of technology.
2025-07-02 09:41:34
In June 2025, Togo's building materials market was in a regulatory situation. In the field of cement, CIMTOGO cement is 81000 CFA francs per ton, the price of competing brands is similar, and the government strictly regulates to prevent speculation and ensure price stability. Brands compete in an orderly manner, and the government cooperates with manufacturers to combat speculation. In terms of steel, 8-12 mm rebar is about 450000 francs per ton, and 14 mm and above is about 550000 francs per ton. The price difference reflects many factors and is in line with market rules.
2025-06-27 10:16:36
Since June 20, 2025, the Maradi region of Niger has launched a cement price reduction campaign, which has been reduced to 55,000 CFA francs per ton, a 35% reduction. The government is preparing 2025 tons of cement to ensure supply, which is part of the social policy and will be extended to other regions in the future. The beneficiaries of this price reduction include families and construction enterprises, especially the affected families. Local governments emphasize transparency of action, require supervision to prevent misappropriation and ensure fair distribution, and the government has taken similar measures in many fields before.
2025-06-27 09:43:06
* * Summary * *: In Madagascar, the complete localization of cement production is a challenge for the cement industry. The country is rich in natural resources but is dependent on strategic resources, particularly fuel. This dependence has a huge impact on the cement industry, seriously restricts the promotion of production autonomy, and becomes a major obstacle to the realization of fully localized cement production, reflecting the country's shortcomings in resource structure, affecting the development of specific industries.
2025-06-26 09:58:48
Mexico's cement industry is in the midst of an unprecedented transformation. Although cement is important to the country's economy and housing construction, the market has changed dramatically. The industry, dominated by a small number of enterprises, is currently facing problems such as limited growth, intensified competition, environmental and social pressures, which force enterprises to change their business models to adapt to the new market environment, so as to seek new breakthroughs and opportunities for development in the face of challenges in the development of the industry.
2025-06-25 09:48:40
The Minister of Industry and Entrepreneurship Development of Sri Lanka inaugurated Tokyo Cement Group's Trincomalee cement manufacturing plant, a fully automated high-tech grinding facility that has increased its capacity by 1 million tons to 4 million tons per year, making it the country's largest producer. Tokyo Cement is the largest manufacturer of high-quality related products in Sri Lanka and is an important part of the country's development. Sri Lanka's cement market is dominated by Tokyo Cement and INSEE Sanstha Cement, with cement consumption of 4.45 million tons in 2024, recovering year-on-year but lower than in 2022.
2025-06-24 11:15:02
Holcim, a Swiss building materials company, spun off its North American business to form Amrize, which is expected to have a market value of more than $30 billion. Amrize is an important supplier of building materials in North America. The growth of the construction industry in the United States has slowed down, but Amrize has more domestic purchases, which may benefit from the rising price of imported cement. Infrastructure construction has increased, and the construction market is expected to recover. Data center construction and maintenance and renovation are business highlights. Amrize is evaluating deals to list on the New York and Swiss exchanges, and the reindustrialization of the United States is a major trend.
2025-06-24 10:00:40
Trinidad and Tobago will end the four-year cement market monopoly of Trinidad Cement Company Limited (TCL). A company that had previously left because of the government's oppressive regulatory policies is now ready to resume operations. Rock Hard Distribution was challenged by the government. Although it won the case in the Caribbean Court of Justice, the government continued to raise tariffs and set import restrictions to protect TCL's profits. TCL raised prices several times during the monopoly period. The Minister of Trade was dissatisfied with the price increases, but ignored the government's creation of monopoly pricing conditions.
2025-06-23 15:59:36
Since the beginning of June, the price of 50 kilograms of bagged cement in Maniema, Kasai and Kasai Oriental provinces of the Democratic Republic of the Congo (DRC) has risen sharply. The main causes of this phenomenon are logistics bottlenecks and supply interruptions. The supply of cement in these three provinces has been seriously affected, and the sharp rise in prices may have an impact on local construction and other related industries, and may also affect the cost of housing construction and infrastructure construction for residents.
2025-06-23 11:47:35
On June 16, 2025, the new production line of Kant Cement Plant in Kyrgyzstan was launched. The project started construction in the spring of 2024, with a total value of about 439 million yuan. The European Bank provided about 50 million dollars, and Sinoma was responsible for the supply and installation of equipment. The new production line has a daily production capacity of 2500 tons, environmental protection and energy saving, and has been completed ahead of schedule without exceeding the budget. This will improve efficiency, reduce costs and pollution, enhance market competitiveness and promote regional cooperation. The factory was founded in 1964, with 800 employees, and its products are used in many infrastructure projects.
2025-06-23 10:25:44
The second Special Economic Zone Summit of Papua New Guinea will be held from August 31 to September 3, 2025. Mayur Industrial s PNG Limited, a subsidiary of an ASX-listed company, will be a gold sponsor. The company has made progress in the central cement and lime project, and has reached a consensus with SEZA to solve the problem. The project will create more than 1000 jobs and reduce the dependence on cement imports. Maru called on local investors to cooperate and praised Mayur Industrials for localizing its business. The summit will promote the transformation of PNG's economy.
2025-06-20 13:19:42
Cement prices in Kenya have stabilized over the past six months, with about 750 shillings for 50 kg of bagged cement in Nairobi. Prices soared in April 2022 due to rising costs such as coal. Prices of major brands vary. In 2024, the import volume and value of clinker decreased significantly, the production and consumption of cement also decreased, and the growth of the construction industry contracted. Cement production in the first quarter of 2025 increased year on year. Despite price stability, the industry is still facing challenges such as raw material costs, demand changes and a slowdown in the construction industry.
2025-06-19 11:56:02
Higher retaliatory tariffs imposed by the United States on Vietnamese cement exports have raised concerns among Philippine cement manufacturers that more Vietnamese cement will flow into the Philippines, adding to the pressure on the local industry. The Philippine Tariff Commission held a hearing to discuss the safeguard tariff. The United States has announced a 46% tariff on Vietnam, which is now suspended but still worrying. Vietnam's cement production capacity is expanding, but the demand in the main export market is low. The low capacity utilization rate of the Philippines is due to a large number of imports. It has become the third largest cement importer. It calls for the use of its own production capacity to improve the domestic situation.
2025-06-19 11:41:35
Last month, Armenia's parliament passed a government-backed bill to quadruple the import duty on cement, leaving the import duty on clinker at zero. The move has raised suspicions that a company with close ties to ruling party allies could gain a commercial advantage. The incident involves the possible interest relationship behind the tariff adjustment, which arouses public concern about whether enterprises will use the special relationship for unjust enrichment.
2025-06-19 11:28:39
On June 12, the new CIMFIG production line, a subsidiary of Cimencam, a LafargeHolcim company, went into production. The production line is located in Figuil Cement Plant in the north of Cameroon, with an annual cement production capacity of 500,000 tons and a daily clinker production capacity of 1,000 tons, with an investment of US $88 million. The new line will supply many places in Cameroon and is planned to enter the Chadian market. Cimencam is a leader in Cameroon's cement industry, and this expansion strengthens its position, creates jobs, promotes the regional economy, and is in line with policy, as part of LafargeHolcim's presence in Africa.
2025-06-17 10:59:48
The demand for cement in Israel is about 8 million tons, and the domestic production and import are half and half. The Nesher plant is the only cement plant in Israel. It was founded in 1922 and is owned by Mashav and Clal Industries, part of the Access Industries Group. Before 2020, it had an absolute monopoly in the domestic market, and then its capacity utilization rate declined due to the influx of imported cement (mainly from Turkey, Jordan and Egypt), and the domestic cement price increased by 40% in 2020-2023.
2025-06-16 14:15:08
Cement is the basic material of the construction industry, and its trade is an important indicator of regional economic construction and industrial development. As an important economic region, the cement trade data of EU is of great significance, which can reflect the dynamic changes of internal market demand, production capacity and international trade relations. By studying the EU cement trade data, we can deeply understand the EU's economic situation, industrial development trend and trade in the international market in the field of construction.
2025-06-16 13:38:30
On June 10, 2025, the Korea Cement Association released the "2050 Strategic Plan for Achieving Carbon Neutrality in Korea's Cement Industry" at the Cemtech Asia 2025 Conference. It plans to gradually reduce greenhouse gas emissions by 2030 and 2050 and eventually achieve carbon neutrality. The Cemtech Asia conference attracted experts from many countries to discuss the low-carbon transformation of the cement industry. Korea Cement Association put forward three pillar strategies to reduce emissions, including promoting ESG management, and also elaborated the specific direction of technology research and development to achieve the goal.
2025-06-13 10:46:47
Ohorongo Cement, one of the largest producers in the Namibian cement market, is considering selling its business to Whale Rock Cement due to overcapacity and reduced exports. Namibia's annual cement demand is about 600,000 tons, and the local factory's production capacity is 2.6 million tons. The imbalance between supply and demand makes it difficult for the company to make profits. Ohorongo Cement is valued at about $110 million, and its shareholders include German companies. Chinese companies are buying stakes. The sale plan may trigger industry consolidation, and Chinese companies may bring new technology and management experience.
2025-06-12 10:42:10
The cement market in South Africa is highly competitive, with imported cement and international giants hitting the local market. Although local PPC companies are improving their competitiveness, such as building a new plant worth 3 billion rand, the high cost of cement production in South Africa affects local manufacturers. The government should play a role in public safety and fair competition to solve the problems related to cement in the grinding station. Overseas giants have entered the South African market, Chinese enterprises have entered through the acquisition of assets, PPC has responded positively, and plans to build new factories to replace old factories to enhance competitiveness.
2025-06-12 09:55:56
In 2024, the cement output of Tanzania will reach 10,929,567,600 tons, the domestic demand will be about 8.5 million tons, the surplus will be 2,429,567,600 tons, and about 22.2% of the surplus will be exported to neighboring countries. Companies such as Dangote are major players in exports, earning foreign exchange for the country and increasing its influence. The cement industry also creates 12500 jobs (including direct and indirect jobs), covering many links, providing income sources for residents, and promoting social and economic prosperity and national economic growth.
2025-06-11 11:03:01
By the end of May 2025, Morocco's cement delivery exceeded 6 million tons, an increase of 9.48% over the same period in 2024. From the breakdown of use, distribution delivery volume ranks first, and ready-mixed concrete and precast concrete have their own delivery volume data. In May alone, the delivery volume reached 1.52 million tons, an increase of 6.99% over May 2024. These data come from the monthly reports issued by the relevant departments of the Moroccan state, and the statistics come from the internal data of the members of the Moroccan Cement Manufacturers Association, which includes a number of member enterprises.
2025-06-11 10:30:21
Thailand's total cement production capacity has reached 66 million tons, which reflects the further development of its domestic cement industry. The increase of production capacity will help to meet the needs of Thailand's domestic infrastructure construction, which is of great significance to promote the relevant construction of the country. Moreover, the increase of cement production capacity in Thailand may also affect the surrounding countries, which will have a certain impact on the cement export pattern of the surrounding countries.
2025-06-10 11:17:15
A new cement plant has been put into operation in Aura District, Kampong Speu Province, Cambodia, with a joint investment of 250 million US dollars by Conch Cement and Cambodian investors. This is the sixth cement plant in Cambodia, bringing the total production capacity to about 11 million tons per year. At present, six cement plants have been operated, and four are in different situations. With the establishment of the cement plant, Cambodia has changed from relying on imports to being self-sufficient. In 2024, Cambodia will export more than 30,000 tons of cement to Thailand, and due to the growth of construction demand, the demand for cement in Cambodia will soon exceed 10 million tons per year.
2025-06-10 10:17:46
In order to promote the process of national reconstruction, the Ministry of Economy and Industry has formulated a policy to abolish taxes on the cement industry. This initiative covers cement products produced by the public and private sectors. As cement is a key material for infrastructure construction when the country is about to be rebuilt, it is of great significance to enhance its competitiveness. Therefore, the government promotes the development of the cement industry by abolishing taxes. This policy will also play an active role in the reconstruction process of Syria.
2025-06-09 15:17:34
The demand for infrastructure and housing in India is booming, and Ambuja Cements has risen strongly in this wave. It is part of the Adani Group and has become the second largest cement producer in India. Its products are widely used in housing and infrastructure construction in India, accounting for about 30%, which is an important force to promote the development of Indian construction.
2025-06-09 15:01:46
The expansion project of Pioneer Cement Plant was completed and the Ethiopian President attended the opening ceremony. The project is a joint venture between Egyptian and Chinese investors, creating 550 direct jobs. Ethiopia's mining minister said that the annual cement production capacity reached 20 million tons, and efforts are being made to increase production. Ethiopia has expanded its production capacity in many fields to help the construction industry. Pioneer Cement Plant has put high-quality cement into production, increased production capacity and played an important role in many aspects. The utilization rate of Egyptian cement production capacity is about 50%, and export is crucial to improve the utilization rate, but as a landlocked country, export is facing challenges.
2025-06-06 10:06:17
Pacific Cement Philippines' Luzon Cement Terminal, which is operating in early 2026, is building a 3.72 billion peso Luzon distribution terminal in Bataan. The company plans to increase production to 5 million tons and reach 10% market share by 2030, and will use terminals to distribute environmentally friendly blended cement. Pacific Cement welcomes the provisional safeguard measures imposed by the Philippines on imported cement, and the DTI has issued relevant orders. The company, a Cebu subsidiary of the Group, has a production capacity of 3 million tons and invests in sustainable development and community support projects.
2025-06-06 09:53:54
The production and distribution costs of cement in Argentina are subject to inflation, which causes frequent price changes. During the peak construction season, there is a strong demand for key materials such as cement and bricks, and prices are rising. The quantity of material supply also has an impact on the price. During the peak period of construction, the supply of some materials is limited and the price fluctuates significantly. In short, the price of building materials such as cement in Argentina is affected by a combination of factors such as inflation, changes in demand and supply.
2025-06-05 13:24:26
In June 2025, the cement market price in India fluctuated significantly. Cement prices in South India have risen sharply, while in other regions, they have either fallen slightly or remained flat. This different trend in prices across regions has had an impact on the average price of cement across India. In general, the cement market in India showed a complex price trend due to regional differences in the month, with the price trend in South India being more prominent in the cement price pattern across India.
2025-06-04 10:25:54
In the first ten months of this fiscal year (2024.7-2025.4), Pakistan's cement export volume increased by nearly 29% year-on-year to 7.4 million tons, but the overall shipment volume only slightly decreased by 0.32% to 37.336 million tons, mainly due to the sluggish domestic demand. Domestic sales fell by 5.55% and export volume increased by 28.77%. In April 2025, the total shipment volume increased by 13.24% compared with the same period last year. APCMA called on the government to introduce measures to stimulate domestic construction activities. The cement industry in Pakistan is affected by the economy and cost, and relies on exports to digest production capacity.
2025-05-06 15:35:01
CEMPI
103.81
-0.02 -0.02%
CONCPI
93.45
-0.24 -0.26%
CLKPI
102.92
-0.05 -0.05%
SPPI
44.79
-0.01 -0.02%
MORPI
76.51
0.00 0.00%
On August 11, Conch Cement announced that Li Qunfeng resigned as general manager of the company and continued to serve as executive director of the company and director of some subsidiaries of the company. At the same time, the Board unanimously agreed to appoint Mr. Yu Shui as the general manager of the Company.
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