Shanghai Jingxing Industrial Investment Co., Ltd. (hereinafter referred to as "Shanghai Haixingxing") was established on March 6, 2007 with a registered capital of 200 million yuan, and is wholly-owned by Zhejiang Jingxing Paper Co., Ltd. (hereinafter referred to as the "Company") Subsidiary.

Since its establishment, Shanghai Jingxing has not only played a prominent role as a window department of listed companies, maintained a good image of the company in the capital market, but also as a company's external investment subject, looking for all favorable investment opportunities for the company, and successively invested in Zhejiang Shapu Aisi Pharmaceutical Co., Ltd., Aiteke Holding Group Co., Ltd., Shanghai Hongji Environmental Protection Technology Co., Ltd., Shanghai Zhida Technology Development Co., Ltd., Qingdao Etouch Digital Technology Co., Ltd., Qingdao Cloud Shopping Link Technology Co., Ltd. Shanghai Gimpo M & A Equity Investment Fund Partnership (Limited Partnership), Xuancheng Zhenghai Capital Venture Capital Fund (Limited Partnership), Anji Zhenghai Jinan Investment Partnership (Limited Partnership) and other companies.