Xinyu Iron&Steel Group Co., LTD. agreed to acquire Jiangxi Xingang Construction Co., Ltd. and Jiangxi Xingang Machinery Manufacturing Co., Ltd from Xinyu Iron & Steel Co., Ltd (SHSE:600782) for approximately CNY 290 million on July 30, 2022. As of December 31, 2021 the consolidated financials of Jiangxi Xingang Construction Co., Ltd. and Jiangxi Xingang Machinery Manufacturing Co., Ltd are Total Assets CNY 1.01 billion, Net assets CNY 290 million, Revenue CNY 1.9 billion and Net profit CNY 69.9 million. Xinyu Iron & Steel Co., Ltd board approved the deal.