Announcement of the resolution by the board to capital increase from earnings,on behalf of major subsidiary Jinan Acetate Chemical Co.,Ltd.(China)

 Announcement of the resolution by the board
to capital increase from earnings,on behalf
of major subsidiary Jinan Acetate Chemical Co.,Ltd.(China)

1.Date of the board of directors resolution:2022/08/01
2.Source of capital increase funds:capital increase from earnings
3.Whether to adopt shelf registration (Yes, please state issuance period/No):
 not applicable
4.Total monetary value of the issuance and number of shares issued (shares
 issued not including those distributed to employees if consisting in
 capital increase from earnings or capital surplus):
 RMB$68,000,000(or equivalent USD$10,000,000)
5.If adopting shelf registration, monetary value and number of shares
to be issued this time:not applicable
6.The remaining monetary value and shares after this issuance when
adopting shelf registration:not applicable
7.Par value per share:not applicable
8.Issue price:not applicable
9.Number of shares subscribed for by or allocated to employees:not applicable
10.Number of shares publicly sold:not applicable
11.Ratio of shares subscribed by or allotted as stock dividends to existing
shareholders:
100% holding subsidiary surplus allotted to the parent company
12.Handling method for fractional shares and shares unsubscripted for by
the deadline:not applicable
13.Rights and obligations of these newly issued shares:not applicable
14.Utilization of the funds from the capital increase:
 Strengthening the capital structure
15.Any other matters that need to be specified:
 USD/RMB 6.8