CSSC (600072) Latest News Announcement

The latest news announcement of CSSC (600072) points out the progress announcement of asset sale and related party transactions.

The contents of the announcement on the sale of assets and related transactions by a wholly-owned subsidiary of CSSC are as follows:

1) The board of directors and all directors of the Company guarantee that there are no false records, misleading statements or major omissions in the contents of this announcement, and they shall bear individual and joint responsibilities for the truthfulness, accuracy and completeness of its contents.

2) According to the Listing Rules of Shanghai Stock Exchange and other relevant regulations, the progress of public listing and transfer of 0/00% equity of Jiangnan Derris (Nantong) Marine Equipment Manufacturing Co., Ltd. (hereinafter referred to as "Jiangnan Derris")/KLOC held by CSSC Huahai Marine Equipment Co., Ltd. (hereinafter referred to as "CSSC Huahai"), a wholly-owned subsidiary of CSSC (hereinafter referred to as "the Company"), is announced as follows.

3) The Third Extraordinary General Meeting of Shareholders deliberated and passed the Proposal on Transferring the 0/00% Equity of Jiangnan Driss (Nantong) Ship Equipment Manufacturing Co., Ltd./KLOC, and agreed to transfer the 0/00% equity of Jiangnan Driss/KLOC to Fugang Construction Group Co., Ltd. (hereinafter referred to as "Fugang Construction Group"). Recently, CSSC Huahai has received all the transaction price according to the contents of the Shanghai Property Rights Transaction Contract signed with Fugang Construction Group and Shanghai United Property Rights.

4) The Company will handle the transaction procedures with the transferee in accordance with the relevant provisions on equity transfer, and after the above equity transaction is completed, the Company will fulfill its information disclosure obligations in a timely manner.

CSSC was formerly a listed company named 1997, which was established by Jiangnan Shipbuilding (Group) Co., Ltd. (hereinafter referred to as Jiangnan Group) with its subordinate steel structure mechanical engineering division as the main body. At the end of 20 16, the company completed the reform and reorganization and changed its name to CSSC.