SINGAPORE (COGENERATION) STEEL PTE. LTD.

Four Bung was founded in August 2018 and was registered in China with paid-in capital of 192 million USD (1.22 billion CNY). It primarily engages in the trading of energy, chemical, agricultural products and other bulk commodities, as well as financial derivatives transactions. In 2020, the company had 4.091 million tons of commodity sales, creating 3.17 billion USD (20.089 billion CNY) of revenue. In 2021, the company had 6.54 million tons of commodity sales, creating 6.9 billion USD (46.656 billion CNY) of revenue. It has offices in Houston, Hangzhou, Hong Kong, and Singapore. Four Bung USA focuses on international and domestic (US) commodity trading in addition to import, export, and transit trading. Four Bung is a subsidiary of 杭州热联集团 Hangzhou CIEC Group (CIEC). CIEC is a state-owned company that has been specializing in international and domestic (China) commodity trading and industrial services for more than 20 years. At present, its business scope has covered 49 countries and regions around the world.

(Hangzhou Cogeneration Import and Export Company Limited) Hangzhou CIEC Group Co.,Ltd(CIEC) was founded in October 1997. It is a state-owned company engaging in steel products with registered capital of RMB 500 million.CIEC has established overseas subsidies in Singapore, Hong Kong, American, Brazil, and Vietnam. CIEC has exerted nearly 15 years' efforts in the steel industry and accomplished excellent achievements in various aspects of iron and steel raw materials, semi-finished products and finished products. Now CIEC's main business includes three parts: import, export and domestic trade. In 2012, CIEC sold 19.43 million ton and sales turnover reached 41500 million. Since 2004, CIEC has actively opened up international market and brought about extraordinary development in export business. The export of steel product has extended to Korea, Taiwan, Vietnam, Thailand, Philippines, Singapore, Indonesia, Middle East, Australia, Europe, and America etc. Meanwhile, CIEC also maintains and carries forward its traditional core business regarding to import of iron ore fines and Coking Coal. It keeps frequent business contacts with countries and areas around the world such as Russia, Ukraine, South Africa, Turkey, India, Brazil and Europe etc. Especially in 2005, CIEC opened up its import business of iron ore, mill scale, nickel ore and established stable supply channels in India, Australia, Indonesia and South America. In the domestic market, CIEC also has a significant influence extending nearly all the provinces and municipalities around China such as Zhejiang, Tangshan, Shanghai, Jiangsu, Shandong, Tianjin, Beijing, Sichuan, Guangdong and Fujian etc. CIEC's outstanding commercial reputation helps to keep better and closer business relationships with many steel mills, distributors, and end users. Besides stable business scale and channel, CIEC also has a competitive superiority in respect of capital strength and banking credit.