NCFC: The plan for major asset replacement, issuance of shares and cash payment for asset acquisition, and raising supporting funds has been approved by the Jiangsu Provincial State-owned Assets Supervision and Administration Commission

NCFC announced that the company plans to acquire 100% of Nanjing Gongyi Equipment Manufacturing Co., Ltd. through asset swaps, issuing shares, and cash payments, and intends to issue shares to no more than 35 specific investors to raise matching funds. Recently, the company received the principle approval from the Jiangsu Provincial State-owned Assets Supervision and Administration Commission for this plan. This transaction constitutes a related party transaction and a major asset restructuring, and will not result in a change of control of the company. The transaction is subject to approval by the shareholders' meeting and must be approved by the competent regulatory authorities before implementation