Shangwei New Materials: In the next 36 months, there are no plans or arrangements for Smart Innovation to go public through a backdoor listing with a listed company.

On September 25th, Shangwei New Materials announced that the company has been aware of recent discussions and reports in the media regarding the integration of Shangwei New Materials with the assets related to Zhieyuan Innovation controlled by the actual controller Deng Taihua. The company has sent a letter to the acquirer and controlling shareholder Shanghai Zhiyuan Hengyue Technology Partnership Enterprise and the actual controller Deng Taihua to verify. As of now, Zhiyuan Hengyue and its concerted action Shanghai Zhiyuan Xinchuang Technology Equipment Partnership Enterprise do not have any explicit plans in the next 12 months to sell, merge, joint venture with others, or cooperate with the assets and businesses of the listed company and its subsidiaries, nor does the listed company have any explicit restructuring plans to purchase or replace assets. As of now, in the next 36 months, Zhiyuan Innovation has no plans or arrangements for backdoor listing through the listed company.