Minfeng Special Paper Plans to Invest HK$500,000 to Establish a wholly-owned Subsidiary in Hong Kong

On May 26, Minfeng Special Paper issued an announcement regarding its overseas investment. To deepen exchanges and cooperation with the international market, promptly capture cutting-edge overseas developments, and further accelerate its overseas business expansion and "going global" process, the company plans to invest HKD 500,000 of its own funds to establish a wholly-owned subsidiary in the Hong Kong Special Administrative Region.

　　The subsidiary will primarily engage in import and export trade, as well as the import and export of technology, equipment, raw materials and auxiliary materials related to the company's main business.

　　This investment has been approved by the company's board of directors and does not meet the shareholder approval criteria. It does not constitute a related-party transaction or a major asset restructuring. The company will hold 100% equity in the subsidiary. Currently, this investment is subject to relevant government approvals and registration procedures, and it is not expected to have a significant impact on the company's financial condition and operating results for this year.