Jiangxi Green Recycling Co., Ltd. (hereinafter referred to as "GER") and Mitsui Plastics Trading (Shanghai) Co., Ltd. (hereinafter referred to as "Mitsui Plastics") formally developed a strategic cooperativepartnership in the field of plastic PCR (Post Consumer Recycled) on January 18, 2022. Both partiesplanned to, by introducing the recycling technology, jointly use waste plastics from household appliances, automobiles and other industrial products and packaging materials to regenerate PCR products for the emerging domestic and foreign markets. Aiming at build a waste plastic recycling industry chain, they forged a strategic partnership and held an online signing ceremony, to which theattendees were Hiyama Jun, the Chairman of Mitsui Plastics, Tada Mitsunobu, the Deputy General Manager, Hayato Yogi, the Head of Functional Materials Department, Chen Hongyao of the Functional Materials Department, as well as Qin Yufei, the Chairman of GER, and Zhu Daolong, the General Manager of GER.

With this strategic partnership, GER and Mitsui Plastics will jointly promote the value of waste plastics recycling business and enterprise value. GER will focus on waste plastic recycling, sorting and PCR technology development while Mitsui Plastics will give full play to its advantages, introduce all kinds of overseas technology, sell products to the overseas market (mainly in Japan), and give priority to the channel sales for the Japanese brand holders. Both parties will work together to achieve the target of 50,000 tons of PCR sales within four years.

Before the signing ceremony, Qin Yufei, the Chairman of GER, said that Mitsui & Co., Ltd., the parent company of Mitsui Plastics, is one of the greatest companies in the world, and GER and Mitsui & Co., Ltd. (both are controlling shareholders of Mitsui Plastics) have reached a good cooperative relationship in many fields of recycling economy for many years. This time, GER and Mitsui Plastics explored new cooperation areas, further deepening the strategic partnership and friendship. We believed that the cooperation with Mitsui Plastics would increase the influence of GER in the third market of waste plastics, and enhance the technical strength of waste plastics recycling.

Hiyama Jun, the Chairman of Mitsui Plastics, mentioned that GER is a regular resource recycling enterprise, with stable recycling sources, high-level testing instruments and production equipment, and 24h real-time online monitoring system. We believed that the cooperation with GER would not only increase corporate value of both parties, but also make a significant contribution to China's efforts to build a sound recycling society and to the strategy ofpeak carbon dioxide emissions and carbon neutrality.

The signature of the memorandum of cooperation, symbolizing the powerful combination between GER and Mitsui Plastics, is of great significance to eliminate the plastics pollution, promote recycling economy development, and to fully open the strategic cooperation in the polymer regeneration industry, enhance the influence in the field of plastic PCR field, and help achieve China's“double carbon” target as soon as possible.

Figure 1 Online Signing Ceremony at GER Venue

Figure 2 Memorandum Signed Between Qin Yufei (the Chairman of GER) and Hiyama Jun (the Chairman of Mitsui Plastics)

Figure 3 Hiyama Jun (Chairman of Mitsui Plastics) giving a speech

Figure 4 Strategic Cooperation Agreement Signed Between GER and Mitsui Plastics