Jiangshan plan to invest ￥58.5 million, with Wengfu to build joint venture company

Jiangshan (600389) announced in the evening on May 29 that according to the strategic planning of Nantong Jiangshan, in order to cultivate industrial chain advantages and increase the company's comprehensive competitive strength, On October 8, 2022, the Company, the People's Government of Weng 'an County of Guizhou Province and Wengfu signed the Agreement on Investment and Cooperation of Phosphorus Chemical Cycle Integrated Industrial Chain Project.

In order to accelerate the implementation of the project, the company plans to set up a joint venture  with Wengfu, Guizhou Jiangshan Crop Science and Technology Co., LTD." (tentative name, the final name shall be subject to the name approved by the Administrative Examination and Approval Bureau, hereinafter referred to as the "joint venture company"), as the main body of the construction and operation of the phosphorus chemical cycle industry chain integration project, to carry out the project preparatory work.

The registered capital of the joint venture company is 90 million yuan, of which the Company intends to contribute 58.5 million yuan (accounting for 65% of the registered capital of the Joint venture company) and Wengfu Chemical intends to contribute 31.5 million yuan (accounting for 35% of the registered capital of the Joint venture Company). Both parties shall contribute in cash