Zhongbao New Materials Group Limited (Zhongbao New Materials) issued a further supplementary announcement on August 28, 2024, regarding the annual report for the year ended December 31, 2023. The announcement mentioned that the planned establishment of production bases in Changchun and Huizhou using the proceeds from the IPO will be delayed. The expansion of the Changchun production base and the construction of new production lines have been delayed due to factors such as global economic, financial, and geopolitical complexities, challenges in the China business environment, and unstable market conditions. The Huizhou production base has experienced delays in obtaining approval and has been changed to establish a new factory in Dongguan. The board of directors has decided to determine the actual allocation of the unused...Show More

Zhongbao New Materials Group Limited (Zhongbao New Materials) issued a further supplementary announcement on August 28, 2024, regarding the annual report for the year ended December 31, 2023. The announcement mentioned that the planned establishment of production bases in Changchun and Huizhou using the proceeds from the IPO will be delayed. The expansion of the Changchun production base and the construction of new production lines have been delayed due to factors such as global economic, financial, and geopolitical complexities, challenges in the China business environment, and unstable market conditions. The Huizhou production base has experienced delays in obtaining approval and has been changed to establish a new factory in Dongguan. The board of directors has decided to determine the actual allocation of the unused proceeds after reviewing the financial position for the full year of 2024, and will revise the use of the unused proceeds in accordance with the listing rules at an appropriate time. This supplementary announcement supplements the 2023 annual report and the first supplementary announcement and does not affect other information in the 2023 annual report.