On January 13, Shangfeng Cement announced that. Zhejiang Shangfeng Building Materials Co., Ltd., a wholly-owned subsidiary, and Guizhou Tianshan Cement Co., Ltd., a joint venture, intend to increase the capital of Duyun Shangfeng Southwest Cement Co., Ltd. by 70 million yuan in cash according to the proportion of capital contribution. The shareholding ratio of Shangfeng Cement remains unchanged.
Shangfeng Cement said that the capital increase of its holding subsidiary Duyun Shangfeng is to meet its business development needs, optimize its capital structure and improve its comprehensive competitiveness. 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. After the completion of this capital increase, Duyun Shangfeng is still a controlled subsidiary of the company, which will not have a significant impact on the scope of the company's consolidated statements.
