On December 20, 2022, Yongjin held the 30th meeting of the fifth Board of Directors and the 18th meeting of the fifth Board of Supervisors, deliberating and approving the Motion on the extension of the construction of the Convertible Bond Investment Project. Agreed to extend the date when the raised project "annual processing of 195,000 tons of ultra-thin precision stainless steel strip Project" reaches the predetermined usable state to June 30, 2023.

The company said that since the implementation of the convertible bond investment project, the company according to the overall strategic layout, combined with the needs of business development, steadily promote the fund investment, to avoid idle waste of equipment and facilities. As the overall project volume is larger and the construction period is longer, there are many uncontrollable factors in the process of project construction. Due to the impact of the international situation and the epidemic, the arrival time of some imported equipment has been delayed, which leads to the delay of the installation and debugging of the equipment. At present, the rolling mills of the three production lines of the project have been installed, while other equipment such as annealing furnace and tension straightening machine are still in the installation stage.

Considering the following Spring Festival holiday and the round-trip time of foreign engineers, the installation and debugging of equipment in this project still requires a long period. It is expected that all production lines will be tested in April 2023, and the trial production of the whole process will be basically achieved by the end of June. After careful study and demonstration, the company postponed the completion date of the "annual processing of 195,000 tons of ultra-thin precision stainless steel strip project" to June 30, 2023.