[listed company] Xiamen tungsten industry plans to participate in initiating the establishment of a new material fund

SMM: December 10, Xiamen tungsten industry announced that the company's wholly-owned subsidiary Xiamen tungsten investment plans to invest 980 million yuan with Xiamen Jinyuan joint venture to establish Xiamen tungsten Chuangxin. The company participates in subsidiaries Chuanhe Luxiang, Xiamen Tungsten Chuangxin, the National Manufacturing Transformation and upgrading Fund, the military-civilian Integration Development Industry Investment Fund, Fujian Sangang Group, Xiamen Jinyuan and Xiamen Jimei District Industrial Investment Co., Ltd. jointly initiated the establishment of a new materials fund for the transformation and upgrading of the manufacturing industry (limited partnership). The size of the fund is 5 billion yuan, mainly in the field of new materials, focusing on tungsten and molybdenum, rare earths and new energy materials and the upstream and downstream of the industrial chain to carry out investment business.

It is understood that Xiamen tungsten industry is mainly engaged in the research and development, production and sales of tungsten concentrate, cemented carbide, various rare earth oxides, magnetic materials, lithium battery materials and other new energy materials, as well as real estate development and operation. The largest shareholder of the company is Fujian rare Earth (Group) Co., Ltd., and the actual control is the State-owned assets Supervision and Management Commission of Fujian Provincial people's Government.