Zhejiang Xing Xing New Energy Technology Co. Ltd. (“Xing Xing'') and Zhejiang Jiahua Energy Chemical Co. Ltd. ("Jiahua Energy Chemical Co'') entered into the renewed steam supply agreement to renew the steam supply agreement for another consecutive 3-year term which will expire on 31 December 2020. Jiahua Energy Chemical Co has agreed to supply high pressure steam to Xing Xing on an ongoing basis. The renewed steam supply agreement shall become effective on 1 January 2018 and has a term ending on 31 December 2020 which may be renewable upon further agreement by the parties (subject to compliance with the Listing Rules). The purchase price is market price calculated and adjusted monthly with reference to the market price of coal (purchased by Jiahua Energy Chemical Co for production of steamin the previous month). The purchase price payable by Xing Xing in respect of purchases under the renewed steam supply agreement shall be tallied on the 25th day of each calendar month and be payable by Xing Xing on or before the 5th calendar day of the following month. Under the renewed steam supply agreement, Jiahua Energy Chemical Co is responsible for installation and maintenance of the steam meter. Where either party to the renewed steam supply agreement is in doubt as to the accuracy of the reading of the meter, either party may appoint a competent and independent party to check and verify the meter reading.