Dalipal Holdings Limited (Hong Kong SAR, China)

Dalipal Holdings Limited is a limited company established by Songyang Co., Ltd. on July 8, 2014. The company underwent a transformation from a whole-owned company to a limited company. On the same day, all shareholders of Songyang Co., Ltd. signed the "Guangdong Songyang Renewable Resources Co., Ltd. Promoter Agreement." The transformation was based on the net asset value of Songyang Co., Ltd. as of May 31, 2014, which was audited by Daxin Certified Public Accountants (Special General Partnership) and amounted to 33,619,800 yuan. The net asset value was converted into 29,800,000 shares at a ratio of 1:0.8864. On July 16, 2014, Daxin Certified Public Accountants (Special General Partnership) verified the actual capital contribution of the limited company when it transformed into a joint-stock company and issued Verification Report No. [2014] No. 5-00015. On July 25, 2014, the joint-stock company obtained the "Business License" issued by the Shantou Municipal Administration for Industry and Commerce, with a capital of 29,800,000 shares.