According to the Qichacha APP, recently, Hefei Qionghe New Materials Co., Ltd. was established, with Zhang Hongguang as the legal representative and a registered capital of 20 million yuan. The business scope includes: research and development of bio-based material technology; manufacturing of bio-based materials; sales of bio-based materials; research and development of biochemical products technology, etc. Qichacha's equity penetration shows that the company is jointly held by Cathay Biotech and others