The Board announced that Luoyang Glass Company Limited entered into an Entrusted Management Agreement with Anhui Shengshi New Energy Material Technology Co. Ltd. and Anhui Shengshi New Material Technology Co. Ltd. on 19 January 2022.

On the same date, the Company entered into an Entrusted Management Agreement with Shuyang Xinda New Material Co. Ltd. and Jiangsu Guangnian New Material Co. Ltd. Pursuant to the Entrusted Management Agreement A and the Entrusted Management Agreement B., Shengshi New Energy and Shuyang Xinda entrusted the Company to manage their respective wholly-owned subsidiaries, namely, Shengshi New Material and Jiangsu Guangnian.

The entrusted period of Shengshi New Material by the Company under the Entrusted Management Agreement A shall commence on the date of entering into of the Entrusted Management Agreement A and end on the date of completion of the reorganization of Shengshi New Material by the Company (subject to the completion of the industrial and commercial registration of alteration of the Company becoming a new shareholder of Shengshi New Material), at which time the Entrusted Management Agreement A shall be terminated. If the Entrusted Management Agreement A is early rescinded prior to the completion of the reorganization of Shengshi New Material by the Company, the entrusted period shall expire on the date of the rescindment of the Entrusted Management Agreement A. After the termination or early rescindment of the Entrusted Management Agreement A, the Parties to the Agreement shall continue to perform the payment, handover and other related obligations under the Entrusted Management Agreement A. During the entrusted period of the Entrusted Management Agreement A, the Company will supervise the production, operation and management of Shengshi New Material, including: to supervise the standardization of the articles of association of Shengshi New Material, and regulate the management of Shengshi New Material in accordance with the articles of association; to supervise Shengshi New Energy to complete the actual payment of the capital contribution to Shengshi New Material in accordance with the law; to supervise the preparation of the plan to set up the internal management organization of Shengshi New Material and adjust the internal management organization setup plan based on the production and operation needs; to supervise the preparation of the basic management system and financial system of Shengshi New Material, and supervise the implementation of the systems; to determine the post, staffing and salary standard of Shengshi New Material, based on the business development, and guide Shengshi New Material to carry out labor and personnel management in accordance with the law; to assign management personnel to Shengshi New Material to guide the Party building, production, operation, management, standardized financial management and project construction of Shengshi New Material; the Parties to the Agreement will determine the working capital plan required for the production and operation of the projects of Shengshi New Material through negotiation, and the parties will jointly provide necessary cooperation; according to the principle of economic benefit, the procurement and sales of Shengshi New Material will be incorporated into the procurement platform and sales platform of the Company and its affiliated enterprises to implement centralized procurement or sales; other functions and powers delegated and granted to the Company by Shengshi New Energy and Shengshi New Material.