Recently, the CSRC released the “Reply on Verification and Approval of the Reorganization of Material Asset of Qinhuangdao Yaohua Glass Co., Ltd. and Share Issuance to Jiangsu Phoenix Publication and Media Group Co., Ltd. for Purchase of Assets” and the “Reply on Verification and Approval of Jiangsu Phoenix Publication and Media Group Co., Ltd.’s Announcement of Qinhuangdao Yaohua Glass Co., Ltd. Takeover Report and Immunity to Tender Offer,” verifying and approving the Phoenix Group’s proposal to purchase the material assets of ST Yaohua and the project of non-public share issuance for purchase of assets.

JC Master as the Legal Counsel of the Phoenix Group participated in the whole course of the above reorganization.