Recently, Ningbo Huaxiang announced that the company plans to jointly invest in the establishment of Ningbo Fengmei Piyike New Materials Co., Ltd. with Ningbo Fengmei Chemical Technology Co., Ltd. and Ningbo Fengmei Pico Enterprise Management Partnership (Limited Partnership), which are controlled by the actual controller, with a registered capital of 50 million yuan, of which the company contributed 15 million yuan in currency, accounting for 30% of the shares. The joint venture company mainly engages in the research, development and application of polyetheretherketone (PEEK) materials. For its related products, Ningbo Huaxiang and its subsidiaries enjoy the right of priority supply and corresponding preferential prices from the joint venture company.