Wang Yinian signed an agreement to acquire Fujian Nanping Green Pine Chemical Co., Ltd. and Longsheng (Hong Kong) Trading Co., Ltd. from Fujian Green Pine Co., Ltd. (SZSE:300132) for approximately CNY 540 million on November 18, 2022. As per the terms of agreement, Wang Yinian should pay 50% of Fujian Nanping Green Pine Chemical's deal value, which is CNY 128 million, within 5 working days after the "Equity Transfer Agreement" came into effect. Before Fujian Nanping Green Pine Chemical completes the change of industrial and commercial registration, Qingsong Chemical shall repay at least CNY 200 million of the loan, that is, the balance of the loan shall not exceed CNY 441.086 million. The shareholders of Fujian Green Pine has approved the deal on fifth extraordinary general meeting of 2022. As on November 24, 2022, The changing of registration of Fujian Nanping Green Pine Chemical has completed and Fujian Green Pine has no longer hold Fujian Nanping Green Pine Chemical's equity. As on November 30, 2022, Fujian Green Pine has received remaining equity transfer payment of CNY 128 million for Fujian Nanping Green Pine Chemical on November 29, 2022. Fujian Green Pine has received the first equity transfer payment of CNY 14.1124 million for Longsheng (Hong Kong) Trading. As of January 16, 2023, After negotiation between Fujian Green Pine and Wang Yinian, the two parties agreed that according to Article 5.4 of the "Equity Transfer Agreement", Hong Kong Longsheng will distribute dividends to Fujian Green Pine on December 15, 2022. Fujian Green Pine has received from Hong Kong Longsheng dividends CNY 22.9831 million. After deducting the dividend, the Hong Kong Longsheng equity transfer fee was reduced to CNY 5.2416 million. Fujian Green Pine has received CNY 5.2416 million for the entire equity transfer of Hong Kong Longsheng. After Green Pine Chemical repays Fujian Green Pine's loan principal of CNY 8.8708 million, the outstanding loan principal balance is CNY 421.8326 million. On December 28, 2022, all parties to the transaction applied to the Hong Kong Registration Office for registration of equity changes in Hong Kong Longsheng. Hong Kong Longsheng's equity has been changed and registered under the name of Green Pine Chemical.

On February 22, 2023, Fujian Green Pine received a loan principal of CNY 191.1293 million and period interest of CNY 2.2627 million from Fujian Nanping Green Pine Chemical Co., Ltd., totaling CNY 193.3919 million. As of the date of this announcement, Fujian Nanping Green Pine Chemical Co., Ltd. has repaid a total of CNY 410.383 million of the borrowing principal in accordance with the "Equity Transfer Agreement", and the remaining outstanding balance of the company's borrowing principal is CNY 230.703 million. Fujian Nanping Green Pine Chemical Co., Ltd repays at least RMB 40 million inter-bank loans to Fujian Green Pine Co., Ltd before March 31, 2023; before April 23, 2023, repays all remaining inter-bank loans and all accrued interest to Fujian Green Pine Co., Ltd.