JIANGSU DAGANG plans to increase capital for its subsidiary Gangcheng International Trade through debt-to-equity conversion and transfer its 100% equity

JIANGSU DAGANG announced plans to convert debt to equity for its subsidiary Gangcheng International Trade and transfer 100% of its equity to Urban Investment Materials. Gangcheng International Trade has been operating poorly for a long time and is insolvent. This move aims to integrate resources and focus on the main business. After the capital increase, the registered capital of Gangcheng International Trade will increase from 35.5 million yuan to 95.102 million yuan, and the equity transfer price will be 1.4475 million yuan. After the transfer is completed, Gangcheng International Trade will no longer be included in the company's consolidated financial statements