Ningbo Iron & Steel Co., Ltd. agreed to acquire Hang Zhou Iron & Steel Co., Ltd. (SHSE:600126) in a reverse merger transaction on March 27, 2015. In related transactions, Hang Zhou Iron & Steel Co., Ltd. agreed to acquire 22.32% in Zhejiang Fuchun Ziguang Environmental Protection from Hangzhou Iron & Steel Group Company, 65.22% stake in Zhejiang Fuchun Ziguang Environmental Protection Co., Ltd. from Zhejiang Fuchuen Company Limited, 97% stake in Zhejiang Xinshiji Renewable Resources Development Co., Ltd. from Zhejiang Hanggang Business Group Co., Ltd. and Zhejiang Metallurgical Materials Co., Ltd. and 100% stake in Zhejiang Deqing Hanggang Fuchun Regeneration Technology Co., Ltd. from Zhejiang Fuchuen Company Limited and Zhejiang Hanggang Business Group Co., Ltd. on March 27, 2015. Hang Zhou Iron & Steel Co., Ltd. will swap 66% stake in Zhejiang Hanggang High Speed Wire Co., Ltd., 95.56% stake in Zhejiang Hanggang Power Co., Ltd. and 60% stake in Hangzhou Iron & Steel Plant Small-scale Rolling Co., Ltd. for the acquisitions. The difference in price consideration after the swapping of assets, will be complemented by issuance of shares of Hang Zhou Iron & Steel Co., Ltd. Hang Zhou Iron & Steel Co., Ltd. will issue its 1.29 billion shares as part of this and related transactions.

Ningbo Iron & Steel Co., Ltd. signed an agreement to acquire Hang Zhou Iron & Steel Co., Ltd. (SHSE:600126) in a reverse merger transaction on July 2, 2015. The Board of Hang Zhou Iron & Steel Co., Ltd. approved the transaction on March 27, 2015. The transaction has been approved by shareholders' of Hangzhou Iron & Steel Co., Ltd on July 21, 2015. On October 27, 2015, China Securities Regulatory Commission Listed Company Merger and Reorganization Examination Committee approved the transaction with attached conditions. As on November 24, 2015, the transaction was approved by the China Securities Regulatory Commission. As of November 26, 2015, the transaction has been approved by State-owned Assets Supervision and Administration Commission of The People's Government of Zhejiang Province, by internal decision-making organizations of Hangzhou Iron & Steel Group Company, Ningbo Development & Investment Group Co., Ltd., Ningbo Economic & Technological Development Zone Holding Co., Ltd. and Baosteel Group Corporation. CITIC Securities Co., Ltd acted as the financial advisor, Grandall Law Firm acted as the legal advisor and Pan-China Certified Public Accountants LLP acted as the accountant to Hang Zhou Iron & Steel Co., Ltd.

Ningbo Iron & Steel Co., Ltd. completed the acquisition of Hang Zhou Iron & Steel Co., Ltd. (SHSE:600126) in a reverse merger transaction on January 23, 2016.