Shanxi Huayang New Material Co.,Ltd. agreed to acquire remaining 70% stake in Shanxi Huayang Biodegradable New Material Co., Ltd. from Taiyuan Chemical Industry Group Co., Ltd. for CNY 0.37 million.

Shanxi Huayang New Material Co Ltd, formerly Taiyuan Chemical Industry Co Ltd, is a China-based company principally engaged in the business of recycling and processing of precious metals. The Company operates two main businesses. The precious metal recovery and processing business includes the production and sales of platinum group metal catalytic nets and the recovery and disposal of waste catalysts containing precious metals. The biodegradable plastic business includes the production and sales of Poly(butyleneadipate-co-terephthalate) (PBAT) and related downstream biodegradable plastic products. The Company's products include platinum alloy mesh, recycled and refined palladium and biodegradable materials and articles. The Company mainly conducts business in the domestic market.