The Board announced that on 29 January 2019, Henan Jinma Energy Company Limited, Zenith Steel Group Co., Ltd, Jiangsu Zhong Tong Logistics Co. Ltd. and Shanghai Dong Ming Industrial Co. Ltd. entered into the JV Agreement, pursuant to which the Parties have conditionally agreed to establish a joint venture company in Shenzhen. The Company has conditionally agreed to contribute RMB 1,145 million to the JV Company, representing approximately 51% of the total capital contributions. Following completion of the capital injections by the Parties as contemplated under the JV Agreement, the JV Company will be held as to approximately 51% by the Group and, accordingly, be accounted for as a subsidiary of the Company. The scope of business of the JV Company includes project investment, investment management, marketing planning, corporate management consulting, trading, import and export trading, which would include a focus on projects and opportunities along the coking chemical value chain. The scope of business shall be subject to the approval from relevant government authorities of the PRC. Pursuant to the JV Agreement, the Parties have conditionally agreed to make capital contributions in the following manner: Henan Jinma Energy Company Limited RMB 1,145 milion(51.00%), Zenith Steel RMB 500 million (22.27%), ZT Logistics RMB 500 million (22.27%) and DM Industrial RMB 100 million(4.46%).