Yee Chemical's divestiture ink business plan was approved by the Hong Kong Stock Exchange.

Ye's Chemical Company plans to spin off The A shares of Yang Bauhinia Ink (Zhejiang) Co., Ltd("Yang Bauhinia Zhejiang") A shares on the Shenzhen Stock Exchange for an independent listing has been approved by the Hong Kong Stock Exchange, the Group will convene a special general meeting of shareholders for independent shareholders to consider and approve the proposed spin-off as appropriateassuming that the proposed offering will account for 25% of the expanded issued share capital of Yang Bauhinia Zhejiang, the total amount of proceeds to be raised under the proposed A-share listing will be about RMB400 million to RMB450 million, the actual amount will depend on the actual number of new A-shares issued, the offering price, the approval and market conditions of the Shenzhen Stock Exchange and the CSRCbased on the current timetable, Yang Bauhinia Zhejiang is expected to submit an application for a proposed A-share listing to relevant Chinese regulators in early 2021if the A-share listing is approved and carried out, the shares of Yang Bauhinia Zhejiang A shares are expected to be listed on the Shenzhen Stock Exchange after the end of 2021.