XCMG Group Construction Machinery Co., Ltd. will increase the capital involved in the company's mixed ownership reform on June 24, 2020 in accordance with the "Xigong Group Construction Machinery Co., Ltd. Pilot Implementation Plan for Mixed Ownership Reform" approved by the Xuzhou State-owned Assets Supervision and Administration Commission on July 25, 2019. The project is publicly listed on the Jiangsu Provincial Property Exchange. For details, please refer to the "XCMG Group Construction Machinery Co., Ltd. Capital Increase Announcement" disclosed on the Jiangsu property market.

"XCMG Group Construction Machinery Co., Ltd. Capital Increase Announcement" disclosed on Jiangsu Property Market (http://www.jscq.com.cn/)

The announcement stated that the company will introduce strategic investors through stock transfers and capital increase. After the completion of this capital increase, the company shareholders Xuzhou Construction Machinery Group Co., Ltd. and a provincial state-owned wholly-owned company jointly hold the company’s equity after the capital increase is not less than 51%. Strategic investors and employee stock ownership platforms hold the total After the capital increase, the proportion of the company’s equity does not exceed 49% (of which the employee shareholding platform holds about 2% of the shares), and the actual capital increase result will prevail.

In the future, XCMG will introduce strategic investors, and it will also carry out employee stock ownership plans to generate a catalyst effect on the company from the outside and inside, so that the company will rejuvenate, innovate and break through the original pattern, and promote the further development of XCMG. Editor/He Yuting