Zhongsheng Hi-Tech announced that it plans to use its own capital or self-financing to establish a wholly-owned subsidiary “Jingsheng New Materials Co., Ltd.” in Jiangyin Town, Fuqing City, to invest in the construction of the “Jingsheng New Material Polypropylene Deep Processing Project”; it plans to invest 20 million yuan in physical and cash to establish a wholly-owned subsidiary “Fujian Shenghao New Materials Co., Ltd.” in Luoyuan County, Fuzhou City to invest in the construction of a “New Polymer Material Project”. Both projects are engaged in production and sales in the field of new modified plastic materials, with total investments of 50 million yuan and 35 million yuan respectively. The funds are from own capital.

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