Estimated time of restructuring of Jihua Group

The end of March 2023. Jihua Group Co., Ltd., approved by the State Council State-owned Assets Supervision and Administration Commission, was established by Xinxing Casting Pipe Group Co., Ltd. and Xinxing Real Estate (Investment) Development Co., Ltd., which has 30 second-tier wholly-owned subsidiaries, 4 third-tier subsidiaries and 3 third-tier subsidiaries, distributed in 2/kloc-0 provinces, municipalities and autonomous regions, with assets exceeding 100 billion. The company plans to complete the merger and reorganization of bulletproof protection industrial chain and special textile new material industrial chain before the end of March 2023, and cultivate core competitiveness.