Shanghai Jingxing Industrial Investment Co., Ltd. (hereinafter referred to as "Shanghai Jingxing") was established on March 6, 2007, with a registered capital of 200 million RMB. It is a wholly-owned subsidiary of Zhejiang Jingxing Paper Co., Ltd. (hereinafter referred to as "the Company"). 

Since its establishment, Shanghai Jingxing has not only excellently fulfilled the role of a window department of a listed company, maintaining a good image of the company in the capital market, but also as the company's investment entity, seeking all favorable investment opportunities for the company. It has successively invested in enterprises such as Zhejiang Shaphai Siye Pharmaceutical Co., Ltd., Attek Holding Group Co., Ltd., Shanghai Hongji Environmental Technology Co., Ltd., Shanghai Zhitada Technology Development Co., Ltd., Qingdao Yitou Digital Technology Co., Ltd., Qingdao Yun Shopping Union Technology Co., Ltd., Shanghai Jinpu Guodiao Mergers and Acquisitions Equity Investment Fund Partnership Enterprise (Limited Partnership), Xuancheng Zhenghai Capital Venture Capital Fund (Limited Partnership), and Anji Zhenghai Jinan Investment Partnership Enterprise (Limited Partnership).