Panzhihua Steel & Vanadium (Stock Code: 000629) together with Chengde Xinxin Vanadium and Titanium Co., Ltd established Pan-Cheng Vanadium Trade that owns a registered capital of RMB 200 million, 51% of which comes from Panzhihua Steel & Vanadium, and the other 49% is from Chengde Vanadium and Titanium. Pan-Cheng Vanadium Trade is mainly engaged in the sales of vanadium products and special alloy products both at home and abroad as well as purchase of raw vanadium materials and OEM business.