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On June 28, Xiamen Tungsten issued an announcement stating that the Fujian Provincial State-owned Assets Supervision and Administration Commission (SASAC) had transferred 80% of its equity in Fujian Metallurgical (Holding) Co., Ltd. to Fujian Provincial Industrial Holding Group Co., Ltd. at no cost. Consequently, the Provincial Industrial Holding Group now indirectly controls 30.90% of Xiamen Tungsten's voting rights, thereby becoming its new indirect controlling shareholder. Notably, this equity transfer does not alter Xiamen Tungsten's current controlling shareholder or actual controller, with Fujian Provincial Rare Earth (Group) Co., Ltd. retaining its position as the controlling shareholder and Fujian Provincial SASAC maintaining its role as the actual controller.
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