Ningxia State-owned Capital Operation Group Co.,Ltd. signed an equity transfer agreement to acquire Taizhongyin Railway Co., Ltd. from Ningxia Western Venture Industrial Co.,Ltd. (SZSE:000557) for CNY 170 million on December 31, 2018. As of December 31, 2018, Taizhongyin Railway Co., Ltd. reported total assets of CNY 3.6 million, net assets of CNY 1.3 million, revenue of CNY 0.4 million, net loss of CNY 0.09 million and operating loss of CNY 0.09 million. The transaction is subject to approval of board of Ningxia State-owned Capital Operation Group Co.,Ltd. The equity transfer has obtained the consent of more than half of the shareholders of Taizhongyin Railway Co., Ltd. and waived the priority transfer.

Ningxia State-owned Capital Operation Group Co.,Ltd. cancelled the acquisition of Taizhongyin Railway Co., Ltd. from Ningxia Western Venture Industrial Co.,Ltd. (SZSE:000557) on April 3, 2023.