On June 1, 2023, the board of directors of Zhejiang Yongjin Metal Technology Co., Ltd., passed a termination of an investment of a wide-width cold-rolled stainless steel strip project with an annual processing capacity of 700,000 tons in Indonesia, agreeing to cancel the relevant project company and authorizing the company's management to do the follow-up procedures.

This investment project hasn’t been started, so the termination will not bring a significant impact on the company's financial and operating performance.