According to the development strategy and business expansion needs of Jiangsu Lixing General Steel Ball Co., Ltd., Lixing shares (300421.SZ) announced on July 22 that the company plans to use its own funds to invest RMB 5 million to establish a wholly-owned subsidiary, Lixing (Shanghai) Trading Co., Ltd. (tentative name, the specific name is subject to approval by the industry and commerce registration) in Pudong New Area, Shanghai.

Establishing a wholly-owned subsidiary in Pudong New Area, Shanghai is beneficial for further opening up the company's overseas market share, providing timely product services and technical support, improving the company's comprehensive competitiveness and profitability, enhancing the brand image of the products, and ultimately achieving the sustained and stable development of the company.