On April 29, China Zhongwang Holdings Co., Ltd. (hereinafter referred to as "China Zhongwang" or the "Company") issued an announcement on the "Progress of the Proposed Asset Restructuring through the Spin-off of Liaoning Zhongwang Group and China Real Estate", stating that the company and

China Real Estate Co., Ltd.'s application for major asset restructuring has been officially accepted by the China Securities Regulatory Commission, which also means that China Zhongwang's spin-off of its aluminum extrusion business and China Real Estate Co., Ltd.'s return to A-shares have made significant progress.

China Real Estate Co., Ltd. also stated in the announcement on the same day that the company received the "China Securities Regulatory Commission Administrative License Application Acceptance Form" issued by the China Securities Regulatory Commission on April 27, 2020 on April 29.

The China Securities Regulatory Commission reviewed the administrative licensing application materials submitted by it for major asset restructuring and decided to accept the administrative licensing application.

According to previous announcements, Liaoning Zhongwang, a subsidiary of China Zhongwang, plans to price 30.5 billion yuan, with China Real Estate Co., Ltd. purchasing 100% of its equity from Zhongwang Refining and the National Military-Civilian Integration Fund through asset swaps and share issuance.

The proposed asset, Xinjiang Zhongfang's 100% equity, is priced at 200 million yuan, which will be exchanged for the equivalent part of Liaoning Zhongwang's equity held by Zhongwang Refining.

Through this asset restructuring transaction, China Zhongwang will spin off its aluminum extrusion business to China Real Estate Co., Ltd. to achieve A-share listing.

After the completion of the transaction, the deep processing, aluminum rolling and machinery equipment businesses will remain in China Zhongwang.

It is understood that China Zhongwang is the world's leading R&D and manufacturer of aluminum processing products. Its products are widely used in green construction, transportation, machinery and equipment, and power engineering.

The company is not only the main supplier of aluminum extrusion materials for the high-speed rail "Fuxing" vehicle body, but also a partner of domestic and foreign automobile manufacturers such as BMW, Mercedes-Benz, Jaguar Land Rover, Volvo, Chery, BYD, etc., in the high-speed rail vehicle body

The market share of aluminum extruded materials, aluminum alloy building formwork, new energy vehicle aluminum alloy bodies and other fields ranks first in the country.