Reorganization of Minfeng Special Paper

Minfeng Special Paper Co., Ltd. was approved by Zhejiang Provincial People's Government document Zhejiang [1998] No.201,with Minfeng Group as the main sponsor, Zhejiang Co., Ltd. and natural persons such as Lv Shilin, businessman Long, Wang, Wang Baiqiao, Zhu Yongzai and Wan Jisheng as investors.

The company's predecessor, Hefeng Paper Company, was established in 1923, which is one of the earliest paper-making enterprises in China. The successful trial production of the first batch of cigarette paper in China from 65438 to 0936 marked a historic breakthrough that the paper industry in old China rose from low-tech paperboard industry to high-tech household paper industry.

Minfeng Group was established in 1993, and 1995 was listed as one of the 100 pilot enterprises in the province to establish a modern enterprise system. It took the lead in passing the pilot project and was shortlisted as one of the "five key enterprises" in Zhejiang Province and one of the six pillar industries in Jiaxing during the Ninth Five-Year Plan period. According to the evaluation of Beijing Zhongqihua Assets Appraisal Co., Ltd., the Ministry of Finance has confirmed that Minfeng Group will invest in the first, second and third paper mills, special paper mills, pulp mills, paper finishing mills and processing paper mills of our company on the benchmark date1March 3, 1998/.

According to the reply of Zhejiang State-owned Assets Administration Bureau, Zhejiang State-owned Enterprise [1998] No.42,1239,000 shares were converted into state-owned legal person shares and invested in the company according to the proportion of 65%, which were held by Minfeng Group Company and held by other promoters. At the same time, it plans to issue 50,000 shares to the public.