Zhang Xiaoquan: Fuchun Holdings Group and 69 other companies have undergone substantial merger and restructuring.

Announcement by Zhang Xiaoquan: The People's Court of Fuyang District, Hangzhou City, Zhejiang Province has designated Zhejiang Jingheng Law Firm to serve as the substantive administrator of the joint reorganization of 69 companies including Fuchun Holdings Group, Hangzhou Fuquan Investment Co., Ltd., and Hangzhou Zhang Xiaoquan Group. They have also issued a notice for creditors to declare their claims and to convene the first creditors' meeting. The administrator has published a notice "Asset Introduction and Pre-Recruitment of Intended Investors for the Merger and Reorganization of Fuchun Holdings and its Affiliated Companies." Fuchun Holdings Group holds 100% of Fuquan Investment's equity, Fuquan Investment holds 99.9981% of the equity of Zhang Xiaoquan Group, and Zhang Xiaoquan Group directly holds 44,043,700 shares of a listed company, accounting for 28.23% of the total share capital of the company.