On February 14, Zhuzhou Times New Material Technology Co., Ltd. released an announcement that in order to meet key clients’ requirements and to achieve its global strategic layout, Times New Material planned to set up Boge Rubber Plastic (Mexico) Co., Ltd. in San Luis Potosí City, Mexico, whose business involves vehicle rubber and metal damping products as well as lightweight vehicle products.

The Company to be set up received joint investment of MXN 50,000 from New Material Germany, and Times New Material (Hong Kong) Co., Ltd., wholly-owned subsidiaries of Times New Material, of which New Material Germany holds 99% of shares and Times New Material (Hong Kong) holds 1% of shares. The Company will indirectly hold 100% of stock equity of Boge Rubber Plastic (Mexico) Co., Ltd. via New Material Germany and Times New Material (Hong Kong) while authorizing the Management of New Material Germany to take charge of handling specific affairs related to investing in establishing the Company.