Changxing announced that in order to reorganize the group's iron ore mining rights in Brazil, it entered into an UGL sale and purchase agreement with Lubin on April 14 and acquired the remaining 50% of UGL from Lushi with a total cash consideration of US$3 million and a total of ** amount.

At the same time, UGL and Lushi entered into the Globest Sale and Purchase Agreement, acquiring Lubest’s remaining 0.01% interest in Globest at a nominal cost of 1 Yuan.

When the two agreements are completed, the Group's mining rights in Brazil will have 85% real interest.

In addition, SplendidSea, an indirect wholly-owned subsidiary of the Group, and Galaxy, which is owned by Lu, entered into an RGN Sale and Purchase Agreement to sell 50% of the rights to RGN to Galaxy at a nominal consideration of RMB 1. After the transaction is completed, Changxing will no longer hold RGN any interest.

UGL is a joint venture between the leading indirect subsidiary of Changxing, which is 70%, led by Xiong Xiong and Lu Bin. The RGN is a 50% joint venture between SplendidSea and Galaxy.