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杭汽轮B:关于控股子公司杭州汽轮铸锻有限公司增资扩股引入战略投资者的进展公告(英文版)2019-01-12  

						Stock Code: 200771         Stock ID: Hangqilun B             Announcement No. 2019-07




                            Hangzhou Steam Turbine Co., Ltd.
 Announcement on the progress of the introduction of strategic investors by the

           holding subsidiary Hangzhou Steam Turbine Casting Co., Ltd.


The members of the Board and the Company acknowledge being responsible for the truthfulness,

accuracy, and completeness of the announcement. Not any false record, misleading statement or

significant omission carried in this announcement.




I. Brief introduction to the aforementioned announcement
Hangzhou Steam Turbine Co., Ltd held the 18th meeting of the 7th Board of Directors on January
26, 2018, in which the “Proposal on Hangzhou Steam Turbine Casting Co., Ltd. to Increase the
capital and expand shares and the Company to surrender the preemptive subscription right therein”
was reviewed and approved, and it’s agreed that the Company surrenders the preemptive
subscription right of capital contribution in the capital increase and shares expansion and the
Casting Company plans to introduce new strategic investors through the way of capital increase
and share expansion to achieve the capacity upgrade and enhance its comprehensive
competitiveness. On July 25, 2018, the Company held the 24th meeting of the 7th Board of
Directors, in which the "Proposal on the Company Surrendering the Preemptive Right to Purchase
Shares of the Casting Company" was reviewed and approved. The surrendering of the preemptive
purchase right to the shares of the Casting Company to be transferred by the natural person will be
conducive to strengthen the market-based incentive mechanism of the Casting Company and
enhance its market competitiveness. Details please refer to company announcement No.2018-05
and 2018-56 released by Securities Times, Shanghai Securities Daily, Hong Kong Commercial
Daily and http//www.cninfo.com.cn dated January 27, 2018 and July 26, 2018..

II. Brief introduction to the progress of the matter

Since July 2018, the Casting Company has established a platform for employee stock ownership,

and its management team and technical backbone have jointly funded the Hangzhou Steam

Turbine Co-Creation Enterprise Management Consulting Partnership (Limited Partnership) and

Hangzhou Steam Turbine Co-casting Enterprise Management Consulting Partnership (Limited

Partnership). The afore-said two partnership enterprises will be the transferee of part of the equity

held by the natural person shareholder-Yang Lianrong. After completing this transfer, Yang
Lianrong’s capital contribution would fall to 1,097,800 yuan (Accounting for 4.99% of the

registered capital of the Casting Company).

       On October 10, 2018, the Casting Company via the Hangzhou Property Rights Exchange

publicly listed for calling up strategic investors to increase capital and expand shares. As of the

deadline of 16:00 pm of December 5, 2018, the Casting Company had attained the interested

investors with qualified conditions, and confirmed five investors with investment-intent on

December 10, 2018.

(1) Business registration

     Recently, the casting company has received the capital increase of strategic investors, and

completed the registration of industrial and commercial changes of strategic investors and

registered capital, as follows:

1.Name :Hangzhou Steam Turbine Casting Co., Ltd.

2. Unified social credit code :91330110759502452P

3. Enterprise Type:Limited liability company(Foreign-invested enterprises and domestic joint

ventures)

4.Place of registration:No.2 Road, Tangxi Industry Area,Yuhang District, Hangzhou
5.Legal representative : Yu Junming

6.Registered capital:29.50 million yuan

7.Date of establishment:March 1 ,2004

8.Business scope: Resin sand cast steel , resin sand cast iron, organic fat glass of water glass

castings, forgings; Installation, maintenance: casting equipment; sales: The products, mechanical

and electrical products, machinery and equipment produced by the company; import and export of

goods (except for items prohibited by laws and administrative regulations, and items restricted by

laws and administrative regulations can be operated only after obtaining the permission). (Items

subjecting to approval according to law may be operated after gaining the approval by relevant

departments)

(II). Information about the equity of the Casting Company

1. The equity structure of the Casting Company before the capital increase and share

expansion:

                       Name of Shareholder                     Capital-contribution   Contribution Amount(
                                                                                      Ten thousand yuan)
                                                                      Ratio

                Hangzhou Steam Turbine Co., Ltd.                      51%                    1122
 Yang Lianrong                                                       40%                     880

        Management Team of the Casting Forging Company                9%                     198

                                 Total                               100%                   2200

2. The Equity structure of the Casting Company (after the implementation of the equity

transfer in September 2018):

                         Name of Shareholder                  Capital-contribution   Contribution Amount(
                                                                                     Ten thousand yuan)
                                                                     Ratio

                  Hangzhou Steam Turbine Co., Ltd.                   51%                    1122

                            Yang Lianrong                           4.99%                  109.78

   Hangzhou Steam Turbine Co-Creation Enterprise Management                                663.74
                                                                    30.17%
              Consulting Partnership (Limited Partnership)

    Hangzhou Steam Turbine Co-casting Enterprise Management                                106.48
                                                                    4.84%
              Consulting Partnership (Limited Partnership)

                              Yu Junming                              3%                     66

                             Tong Ziqian                              2%                     44

                              Yu Yifeng                               2%                     44

                                Xu Wei                                2%                     44

                                 Total                               100%                   2200

3. The Equity structure of the Casting Company (after the introduction of strategic

investors):

                         Name of Shareholder                  Capital-contribution   Contribution Amount(
                                                                                     Ten thousand yuan)
                                                                     Ratio

                  Hangzhou Steam Turbine Co., Ltd.                38.0339%                  1122

                            Yang Lianrong                          3.7214%                 109.78

   Hangzhou Steam Turbine Co-Creation Enterprise Management                                663.72
                                                                  22.4991%
              Consulting Partnership (Limited Partnership)

    Hangzhou Steam Turbine Co-casting Enterprise Management                                 106.5
                                                                   3.6103%
              Consulting Partnership (Limited Partnership)

                              Yu Junming                           2.2373%                   66

                             Tong Ziqian                           1.4915%                   44

                              Yu Yifeng                            1.4915%                   44

                                Xu Wei                             1.4915%                   44
                            Liu Lei                                  5.0847%                150

                           Yu Yuxin                                  5.0847%                150

                         Shen Derong                                 5.0847%                150

                        Shen Mingfang                                5.0847%                150

                          Lv Jianqing                                5.0847%                150

                             Total                                    100%                  2950

Note: the mantissa of some data in the above table is slightly different due to rounding.
III. Documents available for inspection

1. Business license of Hangzhou Steam Turbine Casting Co., Ltd.



     This announcement is hereby made.



     The Board of Directors of Hangzhou Steam Turbine Co., Ltd.

     January 11,2019