Huafeng Group: wholly-owned subsidiary expands production line and obtains a company guarantee of 50 million yuan.

Hua Feng Holdings announced that two proposals were approved at the second meeting of the seventh board of directors. The first is to approve the wholly-owned subsidiary Zhaoqing Gaoyao District Huafeng Electronic Aluminum Foil Co., Ltd. to use its own and self-raised funds of 58.7 million yuan to add two low-voltage variable frequency corrosion production lines in its own Phase 3 workshop, and authorize the chairman to sign the relevant contract. The second is to approve the subsidiary to provide joint liability guarantee for financing of up to 50 million yuan from the Zhaoqing branch of Shanghai Pudong Development Bank, with a term of two years, and authorize the legal representative to sign the guarantee contract. Both proposals do not need to be submitted for shareholder approval.