Atlantic China Welding Consumables, Inc. (SHSE:600558) agreed to acquire 38.0952% stake in Shenzhen Atlantic Welding Material Co., Ltd. from Baosteel Metal Co., Ltd. for CNY 37.19 million on November 10, 2021. Atlantic China Welding Consumables agreed to deposit CNY 5 million, to Shanghai United Assets and Equity Exchange Co., Ltd., which will be directly transferred to the partial price of this equity transaction after the signing of this contract. Atlantic China Welding Consumables will pay remaining CNY 32.19 million to the designated bank account of Shanghai United Assets and Equity Exchange Co., Ltd. within 5 working days from the date of signing this contract. Shanghai United Assets and Equity Exchange Co., Ltd. shall transfer all the price to Baosteel Metal's designated bank account within 3 working days after issuing the property rights transaction certificate and applying for Baosteel Metal. The transaction has been approved by Shareholders of Atlantic China Welding Consumables. As of December 16, 2021, given that Shenzhen Atlantic’s business period is about to expire in June 2022, the shareholders of Shenzhen Atlantic have made a decision and agreed to extend Shenzhen Atlantic's operating period from August 12, 1985 to June 3, 2022, and revised extension of operating period for industrial and commercial change registration.