Pioneer Environmental is a leading supplier of comprehensive waste treatment solutions and environmental infrastructure services in China. Customers are located in 14 provinces and cities across the country, including Shenzhen, Shanghai, Beijing, and Nanchang. 1. Competitive advantage? The competitive advantage is mainly in the following aspects: Location advantage: It belongs to the Beijing State-owned Assets Administration Commission, serves the capital's economic circle, and develops key cities across the country. Strong and diverse shareholder background: Beijing Capital Group is the controlling shareholder, and Hong Kong New World Group is the strategic shareholder. Rich government network: Enjoy Beijing's first government network in 37 provinces and cities across the country. Integrated system solutions: We have integrated waste treatment technology including classification, incineration, anaerobic decomposition technology, landfill, soil remediation, and electronic waste treatment. Specialized management system and human resources team: Transplanted Beijing pioneered more than 10 years of rich experience in the field of urban infrastructure. 2. Project list? Projects already constructed/operated: Beijing Dongcun Project, Jiangsu Huai'an Electronic Dismantling Project, Jiangsu Yangzhou Kitchen Project, Yangzhou Hazardous Waste Disposal Project, Anhui Ma'anshan Electric Waste Treatment Plant, Guizhou Weng'an Landfill Project, Jiangxi Nanchang Quanling Incineration Project, Guizhou Duyun Landfill Project, Guangdong Huizhou Incineration Power Generation Project, Shenzhen Pinghu Incineration Project, Shanxi Linyi Collection, Storage and Transportation Project, Liaoning Huludao Landfill Project. 3. What is the purpose of raising capital through stock offering? The total net capital raised after the share offering was HK$2,114 billion. Approximately 40% is used for loan repayment, 50% for project construction, and 10% for working capital. 4. What is the Group's position in relation to the company? The company is the only solid waste treatment platform under the Pioneer Group. 5. What is the minimum return requirement for domestic waste incineration projects? Not less than 8%.