According to the announcement of Sanchao New Materials, in order to better carry out the research and development of precision diamond tools used in the semiconductor industry, the company plans to spin off the precision electroplating grinding wheel division of Jiangsu Sanchao and the IC grinding wheel business of Sanchao Xinliao as a whole, and set up subsidiaries on the basis of this, in order to concentrate energy and resources to develop in the direction of specialization, further open up the business development space of the semiconductor industry, and expand the business scale. Improve the profitability of the company. The company plans to sign an "Investment Cooperation Agreement" with Yu Yueguo and others to jointly fund the establishment of Jiangsu Sanjing Semiconductor Materials Co., Ltd., with a registered capital of 50 million yuan, and the company plans to contribute 46.8 million yuan, accounting for 93.6% of the registered capital.