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On May 25, 2021, in order to integrate the high-quality resources of Shanghai PTL New Energy Technology Co., Ltd. (hereinafter referred to as "the Company") and Guangdong HEC Technology Holdings Co., Ltd. (hereinafter referred to as "HEC Holdings"), the company The technology and customer channels accumulated over the years in the field of coating materials and adhesives are combined with HEC’s industrial production capacity. After friendly negotiation between the company, Ruyuan HEC and HEC Fluorine Resin, the three parties jointly signed the “About Ruyuan Capital Increase Agreement of HEC Fluororesin Co., Ltd.; the company intends to increase the capital of HEC Fluororesin by RMB 192 million based on the appraised value and obtain 60% equity of HEC Fluororesin. 

The main product of HEC’s fluororesin for cooperation between the two parties is PVDF (polyvinylidene fluoride resin). Given that PVDF has excellent chemical resistance and electrical insulation, it is an important part of the lithium-ion battery industry chain as a positive electrode material and coating material. One of the indispensable key materials, the market space is vast. The company's capital increase to hold Ruyuan East Sunshine Fluororesin Co., Ltd. is conducive to further improving the company's industrial closed loop in base film, coating materials, adhesives, coating equipment and coating processing, and forming an effective bond with the company's adhesive business. The industrial synergy of the company, and the expansion of the company's binder business product line, continue to improve the company's layout in the field of key materials for new energy lithium batteries. 

The signing of the "Capital Increase Agreement" is a further cooperation measure after the company signed the "Strategic Cooperation and Investment Framework Agreement" with HEC Holdings in March 2021, marking that the two parties have solidly advanced the strategic cooperation framework agreement with specific projects; In the future, the company and HEC Holdings will take HEC fluororesin as the basis of cooperation, actively promote the complementary advantages of the two parties, cooperate sincerely, and jointly promote the research and development of PVDF products and market expansion.