Shagang Group Refused to Cooperate with Pledge and Insisted on Acquisition of Nangang

It is understood that Shagang said that it will respond in a market-oriented and legalised way in the face of CITIC's "cut off" M&A toward Nangang. Shagang sent a letter to urge Fosun Group to confirm that the original acquisition framework agreement signed is valid and should continue to be implemented. At the same time, Shagang is also considering filing an appeal to protect its rights and interests. At present, Fosun has not responded.