Jiangyin Xingcheng Special Steel Works Co., Ltd. signed the Property Rights Transaction Contract to acquire 60% in Shanghai Electric Group Steel Pipe Co., Ltd from Shanghai Electric Group Company Limited (SEHK:2727) for CNY 1908.14 million on January 4, 2023. The transaction was approved on December 6, 2022, Citic Pacific Special Steel Group Co., Ltd. held the 25th meeting of the 9th board of directors and the 23rd meeting of the 9th board of supervisors. For the year ended, June 25, 2022, Shanghai Electric Group Steel Pipe Co., Ltd total asset is CNY 8618.087 million and total owner's equity is CNY 3180.23 million.