XWXN announced that this equity transfer is a free transfer of 80.00% equity of Fujian Metallurgy Co., Ltd. held directly by the State-owned Assets Supervision and Administration Commission of the Fujian Provincial People's Government to Fujian Industrial Holding Group Co., Ltd. The Provincial Industrial Holding Group will indirectly control 60.43% of the voting rights of XWXN, becoming the company's indirect controlling shareholder. This acquisition will not lead to changes in the company's controlling shareholder and actual controller, with the controlling shareholder still being Xiamen Tungsten and the actual controller remaining the Fujian Provincial State-owned Assets Supervision and Administration Commission
