100% equity interest in Guangdong Mingzhe Packaging Co., Ltd. (the

Kager Packaging Solutions announced that it will acquire a 100% equity interest in Guangdong Mingzhe Packaging Co., Ltd. (the "target company") from its major shareholder, Mr. Wang Ming, on September 20, 2020, for a total consideration of RMB 6 million. After the completion of the acquisition, the target company became a wholly-owned subsidiary of Kager. (the "target company") from its major shareholder, Mr. Wang Ming, on September 20, 2020, for a total consideration of RMB 3 million. After the completion of the acquisition, the target company became a wholly-owned subsidiary of Kager.