Conch Becomes Indirect Controlling Shareholder of Shanshan After Wanwei's Capital Increase and Share Transfer

Shanshan Co. , Ltd. announced on August 10 that Wanwei Group has completed the industrial and commercial change registration for the capital increase in Conch Group and the free transfer of equity from Anhui Investment Group and Anhui State-owned Capital Control Group. As a result, Conch Group has become the indirect controlling shareholder of Shanshan. The company's actual controller remains the Anhui Provincial State-owned Assets Supervision and Administration Commission.