On October 28, the company's 6th meeting of the Sixth Board of Directors and the 5th meeting of the Sixth Board of Supervisors were successfully held at its headquarters in Xinyi, Jiangsu. The meeting was chaired by the company's Chairman Mr. Liu Zhi. Company directors Ding Xiaobing and Liang Bin, and independent directors Yao Gang and Yuan Jian attended the meeting; director Zhang Bing and independent director Li Shaohua voted by communication. Chairman of the Board of Supervisors Tang Heping, supervisor Zhou Heng, and employee-representative supervisor Chen Wen attended the meeting.

    The meeting deliberated 18 proposals, including the "Proposal on the Company's Plan for the 2021 Non-Public Issuance of Shares," the "Proposal on the Appointment of the Company's General Manager," and the "Proposal on the Wholly-Owned Subsidiary Signing the Agreement for Design and Technical Consulting Services of the Aramid Program II Project." Directors present unanimously agreed that the company would issue non-publicly no more than 102 million shares to the controlling shareholder, Jinsui International, at RMB 3.75 per share, for a total of no more than RMB 383 million; agreed to appoint Mr. Liu Anping as the company's General Manager; and agreed that the company's wholly-owned subsidiary Lanfeng New Materials would sign agreements relating to the Aramid Program II Project with Chenguang Institute.

    Chairman Mr. Liu Zhi said that, once the raised funds are in place, they will ease the company's current funding pressure and provide financial support for its business development, strategic layout, and research and development.

    Liu Zhi believes the Aramid Program II Project is in line with the company's overall plan and conducive to deepening the implementation of its transformation-and-upgrading development strategy; the signing of the agreement marks an important step forward in the company's construction of the Aramid Program II Project.

    Liu Zhi pointed out that Mr. Liu Anping has previously worked at large multinational and central state-owned enterprises such as Sanonda, ADAMA (China), and China National Chemical Corporation, giving him rich industry and management experience. Appointing Mr. Liu Anping as the company's General Manager will help the company further enhance its professional capabilities and safety and environmental protection standards, and optimize the knowledge structure of its management.

    Finally, Chairman Liu Zhi stated that the holding of this meeting marks the company formally embarking on a new journey of transformation and upgrading, and will lay a solid foundation for the company to move onto the path of high-quality development.

    The company's senior management and the heads of the relevant functional departments attended the meeting as observers.