Yangzhou Chengde Steel Pipe Co., Ltd. Shareholding Change Announcement

On November 3, 2021, the original shareholders of Yangzhou Chengde Steel Pipe Co., Ltd. (hereinafter referred to as the company) agreed that the original foreign shareholder Chengde Steel Pipe Hong Kong Co., Ltd. (a subsidiary of PCC Group of Berkshire Hathaway Co., Ltd.) The company) transferred all 50% of the equity it held to Yangzhou Chengde Heavy Industry Co., Ltd. (actual controller: Zhang Huaide). After this equity transfer, the company`s new equity structure is: Zhang Huaide: 50%; Yangzhou Chengde Heavy Industry Co., Ltd. (actual controller: Zhang Huaide): 50%.

The company`s new shareholders have formulated and passed a new company`s articles of association, the registration procedures for industrial and commercial changes have been completed, and the company`s type has been changed from a "Taiwan, Hong Kong, Macao and domestic joint venture" limited liability company to a "natural person investment or holding" limited liability company.