Shagang Completed GS Equity Acquisition

With the rapid development of the Internet and the Internet of Things, the application of new technologies such as cloud computing, Internet of Things, and artificial intelligence, the “big data industry” has rapidly emerged and penetrated into all aspects of economic and social activities, as well as the “Belt and Road” development initiative. In-depth advancement, the state has issued a series of "digital economy" development support policies, Shagang Group, while unswervingly "making the fine and strong steel industry", while actively studying the development of non-steel industries such as the new economy.
Recently, Shagang Group completed the acquisition of 24.01% equity interest in Global Switch Holdings Limited ("GS") held by Aldersgate Investments Limited through its indirect wholly-owned subsidiary Tough Expert Limited. In addition, Shagang Group has previously held 57151% and 24.99% of GS by its wholly-owned subsidiary, Elegant Jubilee Limited, and its overseas holding subsidiary Strategic IDCLimited, respectively, of the domestic holding subsidiary Suzhou Qingfeng Investment Management Co., Ltd.

Shagang Group's investment in data center industry and the further increase in its shareholding in GS are in line with the national “digital economy” development strategy and the “One Belt, One Road” development initiative, and also in line with its development direction of transformation and upgrading. In an increasingly global data-driven global economy, GS can serve both East and West customers, and GS has served domestic and international clients in Hong Kong, Singapore and Sydney. Shagang Group will make full use of its global resources, give full play to the role of GS's outstanding management, and strive to promote GS's progress and high-quality development in the world, especially in the Asia-Pacific region, and build a first-class data center industry.

Founded in 1998 and headquartered in London, GS is the leading data center owner, operator and developer in Europe and Asia Pacific, with the highest credit rating in the global data center industry (Fitch BBB+, Standard & Poor's BBB, Moody Baa2) ). GS's existing data centers are located in 8 international first-tier cities such as London, Paris, Amsterdam, Madrid, Frankfurt, Singapore, Sydney, Hong Kong, etc. They own and operate 12 data centers with a total construction area of 366,800 square meters and a total power capacity of 384. Megavolt-amperes. In 2018, GS achieved operating income of 399 million pounds and operating net profit of 229 million pounds.