Zibo Huayuan Industrial Development Co., Ltd. entered into an agreement to acquire Shandong Luyang Basalt Fiber Co., Ltd. from Luyang Energy-Saving Materials Co., Ltd. for CNY 175 million on December 28, 2022. The board of directors of Luyang Energy-Saving Materials approved the transaction. The buyer will pay 40% of consideration within 10 days of signing of agreement and within 20 working days after registering the buyer as a shareholder of the company.

Zibo Huayuan Industrial Development Co., Ltd. completed the acquisition of Shandong Luyang Basalt Fiber Co., Ltd. from Luyang Energy-Saving Materials Co., Ltd. on December 31, 2022.