Shangfeng Cement: Guangdong Xin Semiconductor, in which the company has a stake, has applied for listing on the ChiNext board and has been accepted by the Shenzhen Stock Exchange.

Shangfeng Cement announced that its private equity investment fund, which is invested in by its wholly-owned subsidiary Ningbo Shangrong, has applied for listing on the ChiNext Board by Guangdong Xin Semiconductor on December 19, 2025, and the application has been accepted by the Shenzhen Stock Exchange. As of June 30, 2025, Guangdong Xin Semiconductor has been granted 681 authorized patents. As of the date of the announcement, Ningbo Shangrong has invested 234 million yuan and indirectly holds 1.4957% equity of Guangdong Xin Semiconductor through three funds. The listing still requires approval from the Shenzhen Stock Exchange and the China Securities Regulatory Commission, and there is uncertainty.