Tranche Update on Wuxi Smart Auto-Control Engineering Co., Ltd.'s Equity Buyback Plan announced on April 1, 2020.

WUXI SMART AUTO-CONTROL ENGINEERING CO LTD is a China-based company mainly engaged in the research and development, manufacture and sales of intelligent control valves and their accessories, as well as providing inspection and maintenance services. The Company's main products include P series single-seat sleeve valves, M series sleeve regulating valves, W series butterfly valves, R series ball valves, Z series material valves, F series anti-corrosion valves, Y series self-operated regulating valves, J series angle type Control valve, T series three-way regulating valve, among other. The Company's products are used in the production control process of petrochemical, metallurgy, energy, environmental protection and food industries. The Company mainly distributes its products within domestic market.