Approved by the State Council, China Chengtong Holding Group., Ltd. as the main sponsor,established ChinaStructural Reform Fund Co., Ltd , which is entrusted by the State-owned Asset Supervision and AdministrationCommission. Incorporated on September 22nd 2016, the fund was invested by ten shareholders, which includeChina Chengtong Holding Group Co., Ltd., Jlianxin (Beijing) Investment Fund Management Co.,Ltd., China Mer-chants Group Co., Ltd.,China North Industrial Group Co.,Ltd.，, China Petrochemical Corporation (SinopecGroup), Shenhua Group Corporation, China Mobile Communication Corporation, China Communication Con-struction Group Co., Ltd., CRRC Corporation Limited and Bejing Financial Street Investment Group Co., Ltd.

The fund aim to provide state-owned enterprises support in development, industrial consolidation, professionalreorganization, capacity adjustment and international mergers and acquisitions by establishing sub-fund as wellas direct investment. Also, the fund will play an important role in promoting development of state-own enterprisesin key industries and industry optimization, improving industry concentration, to maximize the efficiency of the useof state-own capital.