Xingxin New Materials: Intends to use the excess funds of 155 million yuan to increase capital in its wholly-owned subsidiary and implement new projects.

Announcement of Xingxin New Materials: the company plans to use part of the over-raised funds of 155 million yuan from the initial public offering of shares to increase the capital of its wholly-owned subsidiary, Anhui Xingxin New Materials Co., Ltd., for the implementation of the new fundraising project "annual production of 10,500 tons of 44'-dihydroxybiphenyl series products and 150 tons of supported metal catalyst project". The project investment construction period is 3 years, to be implemented in two phases. At the same time, it is proposed to use the remaining over-subscribed funds of approximately 20.55 million yuan to permanently supplement working capital, accounting for 7.92% of the total over-raised funds.