ST NXZ: The controlling shareholder plans to change to Power Investment Group

*ST NXZ announced that if the current non-compensatory equity transfer is successfully implemented, the direct controlling shareholder of Baota Industrial Co., Ltd. will change from Ningxia State-owned Capital Operation Group Co., Ltd. to Ningxia Electric Power Investment Group Co., Ltd. Ning Guoyun will be the indirect controlling shareholder. This non-compensatory equity transfer will not result in a change of the actual controller of the company, which will still be the People's Government of Ningxia Hui Autonomous Region. This non-compensatory equity transfer will not adversely affect the company's production and operations, nor will it harm the interests of the company and minority shareholders