XINGXIN NEW MATERIALS: Plans to establish a holding subsidiary Guangxi XINGXIN with a registered capital of 100 million yuan

XINGXIN NEW MATERIALS announced that the company has signed a capital contribution agreement with Guangxi Zhibo Ketuo, Xinnuo Environment, and Jinbo Petrochemical to jointly invest in the establishment of Guangxi XINGXIN NEW MATERIALS Co., Ltd., with a registered capital of RMB 100 million. XINGXIN NEW MATERIALS will contribute RMB 70 million in cash, accounting for 70% of the registered capital; Zhibo Ketuo will contribute RMB 18 million in cash, accounting for 18% of the registered capital; Xinnuo Environment will contribute RMB 9 million in cash, accounting for 9% of the registered capital; Jinbo Petrochemical will contribute RMB 3 million in cash, accounting for 3% of the registered capital. The joint venture company will serve as the project company for the implementation of the "XINGXIN 15.3 million tons of polyolefin and polyamine series products Phase I project," with funding sourced from the company's own funds, and will be included in the company's consolidated financial statements after establishment