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On June 27, 2022, Inner Mongolia JiuTai Advanced Technology Co., Ltd. in Zhungar, Ordos, Inner Mongolia Materials Technology Co., Ltd. (referred to as "Jiutai New Materials") submitted a prospectus on the Hong Kong Stock Exchange and planned to issue H shares on the main board of Hong Kong.

The main business of Jiutai New Materials, as a leading professional manufacturer of chemicals and new materials in China, is mainly engaged in the research and development, production and sales of polyethylene, polypropylene, butadiene, methanol and other chemical products and other related deep-processing chemical products. The annual production capacity is 600,000 tons of polyolefin, 80,000 tons of butadiene and 1 million tons of methanol. At present, the Xintuoketuo Industrial Park in Hohhot, Inner Mongolia is under construction, covering an area of ​​1,710,150 square meters. It will be used as the base of the ethylene glycol project and the base of the biodegradable plastic project, of which the 1 million tons/year ethylene glycol project It will be completed by the end of 2023. After the ethylene glycol project is completed, it will be able to produce formaldehyde, which is used as one of the main raw materials for the production of BDO. The company's performance prospectus shows that in the past three fiscal years of 2019, 2020 and 2021, the operating income of Jiutai New Materials was 3.270 billion, 4.830 billion and 4.988 billion yuan, with corresponding net profits of 96 million, 250 million and -243 million yuan respectively.

The fundraising plan is used to allocate biodegradable plastic projects and working capital.

Jiutai started planning to build a biodegradable plastic project in mid-2021. It is planned to build facilities with an annual output of 300,000 tons of BDO, 60,000 tons of PTMEG and 60,000 tons of PBS/PBAT. The project is expected to start construction in 2023 and put into production in 2026.

The total investment of the biodegradable plastic project is RMB 3,309.8 million, covering an area of ​​244,937 square meters. As of the Latest Practicable Date, the company has not incurred any costs in the construction of the project. The raised funds will be used to provide part of the funds for the project construction, and the rest will be paid for by internal funds and bank borrowings.