According to the announcement of Fengfan Co., Ltd., the Tangshan State-owned Assets Administration Commission transferred 98.47802% of its state-owned shares held by Tang Kong Development Group to Hebei Guoxin Finance Holding Group Co., Ltd. free of charge. After the free transfer is completed, Hebei Industrial Finance Group will indirectly own 30.08% of Fengfan shares through Tang Kong Development Group, Tianjin Tang Kong Science and Innovation, and Tangshan Industrial Control. The acquisition is in line with the exemption from issuing an offer. It has obtained approval from the Tangshan Municipal People's Government and still needs to go through the registration procedure for changes in the market supervision and administration department.

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