Xinxing Ductile Iron Pipes divests Xinjiang mining subsidiary

Xinxing Ductile Iron Pipes Co., Ltd. plans to publicly list and transfer 51% equity in Xinjiang Urumqi Mining Investment Co., Ltd. and recover related claims.

Urumqi Mining, established in 2009, has faced long-term stagnation due to policy and environmental constraints. The public listing will initiate at RMB 205 million, including the assessed value of equity and claims.

Xinxing Ductile Iron Pipes' subsidiary is expected to recover RMB 73.73 million from the equity transfer and RMB 131 million from claims. Urumqi Mining will no longer be consolidated within Xinxing Ductile Iron Pipes' financial statements.