Huapeng Subsidiary Forms Joint Venture with Windsor Energy

Ltd. (hereinafter referred to as Party A), a wholly-owned subsidiary of the company, contributed 30 million yuan in monetary capital, and Winsun Energy Conservation Group Co. The ceremony was held in the small conference room on the fifth floor of Shandong Huapeng headquarters.

　　The establishment of the joint venture company aims to strengthen the economic cooperation and technical exchanges between the two sides, with Party A's equipment and good local relations, advanced technology, while using Party B's sales network, well-known brands, to achieve a strong combination, give full play to the advantages of both sides, and jointly cultivate and build a high-quality new material of high-grade glass wool.

　　On April 17, the company held the eleventh meeting of the sixth session of the board of directors by on-site and correspondence voting, the meeting voted 9 in favor, 0 against, 0 abstentions, considered and approved the "Shandong Huapeng Glass Co., Ltd. on the wholly-owned subsidiary of Huapeng Glass (Heze) Co. According to the relevant provisions of the company's articles of association, the approval authority of this foreign investment in the establishment of a subsidiary is within the approval authority of the company's board of directors and need not be submitted to the shareholders' meeting for approval.

　　Ltd. was established in May 2002, with a registered capital of 50 million yuan, and is a core secondary subgroup of the building materials section of Zhaosheng Group, which is an energy-saving and environmental protection enterprise integrating the research and development, production and service of insulation and heat preservation materials, sound insulation and noise reduction materials. Ltd. was founded in 1996, has been focusing on the research and development, production, sales and services of thermal insulation materials, sound insulation and noise reduction materials, focusing on the innovation and upgrading of its rubber insulation system, glass wool insulation system, shell treasure external protection system, composite air duct system, exterior wall insulation system, sound insulation and noise reduction acoustic system and other products. Wincell energy-saving products brand "Wincell Wincell", after more than 20 years of dedicated management, has become one of the most well-known brands in the insulation industry.