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Item 9A. Controls and Procedures

2023-03-24 compared with 2022-03-15 · 506 added, 488 removed, 69 unchanged (94% of the section changed)

Controls and Procedures

management is responsible for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e))

under the Exchange Act) that is designed to ensure that information required to be disclosed by the Company in the reports that we file

or submit under the Exchange Act is recorded, processed, summarized and reported, within the time specified in the Commission’s

rules and forms.

Disclosure controls and procedures include, without limitation, controls and procedures designed to ensure that information

required to be disclosed by an issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated

to the issuer’s management, including its principal executive officer or officers and principal financial officer or officers,

or persons performing similar functions, as appropriate to allow timely decisions regarding required disclosure.

to Rule 13a-15(b) under the Exchange Act, the Company carried out an evaluation with the participation of the Company’s management,

including Zhenyong Liu, the Company’s Chief Executive Officer (“CEO”), and Jing Hao, the Company’s Chief Financial

Officer (“CFO”), of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e)

under the Exchange Act) as of December 31, 2021.

Based upon that evaluation, the Company’s CEO and CFO concluded that the Company’s

disclosure controls and procedures were effective to ensure that information required to be disclosed by the Company in the reports that

the Company files or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified

in the SEC’s rules and forms, and that such information is accumulated and communicated to the Company’s management, including

the Company’s CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

conducted an assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2021.

In making this assessment, management used the framework set forth in Internal Control - Integrated Framework (2013) issued by

the Committee of Sponsoring Organizations of the Treadway Commission.

Based on this assessment, management has determined that, as of

December 31, 2021, the Company’s internal control over financial reporting was effective.

annual report does not include an attestation report of its registered independent public accounting firm regarding the Company’s

internal control over financial reporting because the Company is not required to include such attestation report in this annual report.

in internal controls

management, with the participation of our CEO and CFO, performed an evaluation as to whether any change in our internal controls over

financial reporting occurred during the year ended December 31, 2021.

Based on that evaluation, our CEO and CFO concluded that no change

occurred in the Company’s internal controls over financial reporting during the quarter ended December 31, 2021 that has materially

affected, or is reasonably likely to materially affect, the Company’s internal controls over financial reporting.

Our management is responsible

for establishing and maintaining a system of disclosure controls and procedures (as defined in Rule 13a-15(e)) under the Exchange Act)

that is designed to ensure that information required to be disclosed by the Company in the reports that we file or submit under the Exchange

Act is recorded, processed, summarized and reported, within the time specified in the Commission’s rules and forms.

Disclosure controls

and procedures include, without limitation, controls and procedures designed to ensure that information required to be disclosed by an

issuer in the reports that it files or submits under the Exchange Act is accumulated and communicated to the issuer’s management,

including its principal executive officer or officers and principal financial officer or officers, or persons performing similar functions,

as appropriate to allow timely decisions regarding required disclosure.

Pursuant to Rule 13a-15(b)

under the Exchange Act, the Company carried out an evaluation with the participation of the Company’s management, including Zhenyong

Liu, the Company’s Chief Executive Officer (“CEO”), and Jing Hao, the Company’s Chief Financial Officer (“CFO”),

of the effectiveness of the Company’s disclosure controls and procedures (as defined under Rule 13a-15(e) under the Exchange Act)

as of December 31, 2022.

Based upon that evaluation, the Company’s CEO and CFO concluded that the Company’s disclosure controls

and procedures were effective to ensure that information required to be disclosed by the Company in the reports that the Company files

or submits under the Exchange Act, is recorded, processed, summarized and reported, within the time periods specified in the SEC’s

rules and forms, and that such information is accumulated and communicated to the Company’s management, including the Company’s

CEO and CFO, as appropriate, to allow timely decisions regarding required disclosure.

Management conducted an assessment

of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2022.

In making this assessment,

management used the framework set forth in Internal Control - Integrated Framework (2013) issued by the Committee of Sponsoring

Organizations of the Treadway Commission.

Based on this assessment, management has determined that, as of December 31, 2022, the Company’s

internal control over financial reporting was effective.

This annual report

does not include an attestation report of its registered independent public accounting firm regarding the Company’s internal control

over financial reporting because the Company is not required to include such attestation report in this annual report.

Changes in internal controls

Our management, with the

participation of our CEO and CFO, performed an evaluation as to whether any change in our internal controls over financial reporting occurred

during the year ended December 31, 2022.

Based on that evaluation, our CEO and CFO concluded that no change occurred in the Company’s

internal controls over financial reporting during the quarter ended December 31, 2022 that has materially affected, or is reasonably likely

to materially affect, the Company’s internal controls over financial reporting.

Other Information

Disclosure Regarding Foreign Jurisdictions that Prevent Inspections.

Disclosure Regarding Foreign Jurisdictions that Prevent

Not applicable.

Directors, Executive Officers and Corporate Governance

forth below is certain information regarding our directors and executive officers.

Set forth below is certain

information regarding our directors and executive officers.

Our Board of Directors is comprised of five directors.

There are no family relationships between any of our directors or executive officers.

Each of our directors is elected to serve until

the next annual meeting of our stockholders and until his successor is elected and qualified or until such director’s earlier death,

removal or termination.

following table sets forth certain information with respect to our directors and executive officers:

There are no family

relationships between any of our directors or executive officers.

Each of our directors is elected to serve until the next annual meeting

of our stockholders and until his successor is elected and qualified or until such director’s earlier death, removal or termination.

The following table sets forth certain information with respect

to our directors and executive officers:

Position/Title

Chief Executive Officer

and Chairman of the Board

Chief Executive Officer and Chairman of the Board

Chief Financial Officer

Marco Ku Hon Wai

Wenbing Christopher

have two classes of directors with each class elected in a different calendar year from the calendar year in which the other class of

directors are elected.

All directors are elected for a two-year term.

The directors elected in Class I, Marco Ku Hon Wai and Wenbing

Christopher Wang, will serve until the annual meeting of stockholders in 2021 and until their respective successors have been elected

and have qualified, or until their earlier resignation, removal or death.

The directors elected in Class II, Zhenyong Liu, Fuzeng Liu

and Lusha Niu will serve until the annual meeting of stockholders in 2020 and until their respective successors have been elected and

have qualified, or until their earlier resignation, removal or death.

Wenbing Christopher Wang

We have two classes of directors

with each class elected in a different calendar year from the calendar year in which the other class of directors are elected.

All directors

are elected for a two-year term.

The directors elected in Class I, Marco Ku Hon Wai and Wenbing Christopher Wang, will serve until the

annual meeting of stockholders in 2023 and until their respective successors have been elected and have qualified, or until their earlier

resignation, removal or death.

The directors elected in Class II, Zhenyong Liu, Fuzeng Liu and Lusha Niu will serve until the annual meeting

of stockholders in 2024 and until their respective successors have been elected and have qualified, or until their earlier resignation,

removal or death.

Our officers serve at the discretion of our Board of Directors.

forth below is biographical information about our current directors and executive officers:

Zhenyong Liu became a member of the Board of Directors, and was appointed as Chairman of the Board of Directors on November

Liu has also served as the Company’s Chief Executive Officer since November 16, 2007, and serves as Chairman of Hebei

Baoding Dongfang Paper Milling Company Limited (Dongfang Paper), a position he has held since 1996.

From 1990 to 1996, he served as Plant

Director of Xinxin Paper Milling Factory in Xushui District.

Liu served as General Manager of the East Central Household Appliance

Purchases and Supply Station from 1980 to 1989.

Jing Hao was appointed as our Chief Financial Officer on November 3, 2014.

Hao previously served as the Company’s

Chief Financial Officer between November 2007 and April 2009.

Set forth below is biographical information about our current

directors and executive officers:

Zhenyong Liu .

Zhenyong Liu became a member of the Board of Directors, and was appointed as Chairman of the Board of Directors onNovember 30, 2007.

Liu has also served as the Company’s Chief Executive Officer since November 16, 2007, and serves as Chairman of Hebei Baoding Dongfang

Paper Milling Company Limited (Dongfang Paper), a position he has held since 1996.

From 1990 to 1996, he served as Plant Director of Xinxin

Paper Milling Factory in Xushui District.

Liu served as General Manager of the East Central Household Appliance Purchases and Supply

Station from 1980 to 1989.

Hao was appointed as our Chief Financial Officer on November 3, 2014.

Hao previously served as the Company’s Chief Financial

Officer between November 2007 and April 2009.

In addition, Ms.

Hao has served as Chief Financial Officer of Hebei Baoding

Dongfang Paper Milling Company Limited (Dongfang Paper) since 2006.

Prior to that, she was Manager of Finance for Dongfang Paper from

2005 to 2006.

Dahong Zhou was appointed as our Secretary on November 16, 2007.

Zhou also serves as Executive Manager of Hebei Baoding

Dongfang Paper Milling Company Limited (Dongfang Paper), a position she has held since 2006.

Hao has served as Chief Financial Officer of Hebei Baoding Dongfang Paper

Milling Company Limited (Dongfang Paper) since 2006.

Prior to that, she was Manager of Finance for Dongfang Paper from 2005 to 2006.

Dahong Zhou .

Zhou was appointed as our Secretary on November 16, 2007.

Zhou also serves as Executive Manager of Hebei Baoding Dongfang Paper Milling

Company Limited (Dongfang Paper), a position she has held since 2006.

Marco Ku Hon Wai.

Marco Ku Hon Wai has served on the Board of Directors since November 3, 2014.

Ku is the founder of Sensible Investment

Company Limited, an investment consulting firm based in Hong Kong founded in 2013.

He was previously Chief Financial Officer of China

Marine Food Group Limited (OTC:

Ku is the founder of Sensible Investment Company Limited,

an investment consulting firm based in Hong Kong founded in 2013.

He was previously Chief Financial Officer of China Marine Food Group

Limited (OTC:

CMFO) from July 2007 to October 2013.

Prior to his position at China Marine Food Group Limited, Mr.

co-founded KISS Catering Group, a food and beverage business in Beijing from October 2005 to April 2007.

Ku worked at KPMG LLP from

1996 to 2000, where his last held position was Assistant Manager.

Ku received a bachelor’s degree in finance from the Hong

Kong University of Science and Technology in 1996, and is currently a fellow member of the Hong Kong Institute of Certified Public Accountants.

Christopher Wang .

Ku co-founded KISS Catering

Group, a food and beverage business in Beijing from October 2005 to April 2007.

Ku worked at KPMG LLP from 1996 to 2000, where his

last held position was Assistant Manager.

Ku received a bachelor’s degree in finance from the Hong Kong University of Science

and Technology in 1996, and is currently a fellow member of the Hong Kong Institute of Certified Public Accountants.

Wenbing Christopher Wang .

Wenbing Christopher Wang has served on the Board of Directors since October 28, 2009.

Wang has also been

serving as President and Director of FushiCopperweld, Inc.

Wang has also been serving as President

and Director of Fushi Copperweld, Inc.

(“Fushi”) since January 21, 2008.

Wang served as Fushi’s

Chief Financial Officer from December 13, 2005 to August 31, 2009.

Wang served as Fushi’s Chief Financial

Officer from December 13, 2005 to August 31, 2009.

Prior to Fushi, Mr.

Wang worked for Redwood Capital, Inc., China Century

Investment Corporation, Credit Suisse First Boston and VC China in various capacities.

Wang worked for Redwood Capital, Inc., China Century Investment

Corporation, Credit Suisse First Boston and VC China in various capacities.

Fluent in both English and Chinese, Mr.

a master’s degree in business administration and finance and corporate accounting from Simon Business School of University of Rochester.

Wang was named one of the top ten CFO’s of 2007 in China by CFO magazine.

Fuzeng Liu has been a member of the Board of Directors since November 30, 2007.

Liu has also served as Vice President

of Dongfang Paper since 2002.

Previously, he served as Deputy Secretary of the Traffic Bureau of Xushui District from 1992 to 2002 and

as Party Secretary of Dayin Town, Xushui District from 1988 to 1992.Mr.

Liu also served as Head of the Cuizhuang Town, Xushui District

from 1984 to 1988.

From 1977 to 1984, Mr.

Wang holds a master’s

degree in business administration and finance and corporate accounting from Simon Business School of University of Rochester.

was named one of the top ten CFO’s of 2007 in China by CFO magazine.

Liu has been a member of the Board of Directors since November 30, 2007.

Liu has also served as Vice President ofDongfang Paper since

Previously, he served as Deputy Secretary of the Traffic Bureau of Xushui District from 1992 to 2002 and as Party Secretary of Dayin

Town, Xushui District from 1988 to 1992.Mr.

Liu also served as Head of the Cuizhuang Town, Xushui District from 1984 to 1988.

Liu worked at the committee office of Xushui District.

Niu has been a member of the Board of Directors since October12, 2016.

Niu is a public relations veteran with strong background

in international business and finance.

has been a member of the Board of Directors since October12, 2016.

Niu is a public relations veteran with strong background in international

business and finance.

Since September 2013, Ms.

Niu has been the Director of Corporate Communications and Public Affairs,

Asia Lead of Financial Communication at MSL GROUP, a global public communications firm.

Niu has been the Director of Corporate Communications and Public Affairs, Asia Lead of

Financial Communication at MSL GROUP, a global public communications firm.

From August 2008 until August 2013, Ms.

an Associate Director at APCO Worldwide, a Washington D.C.

Niu was an Associate

Director at APCO Worldwide, a Washington D.C.

based global public affairs consulting firm.

Niu also served as a Consulting

Analyst with BDA Consulting, advising global institutional investors on their China deal strategy.

Niu holds a Master’s degree

in Finance from the University of Colorado.

Board of Directors believes that each of the Company’s directors is highly qualified to serve as a member of the Board.

the directors has contributed to the mix of skills, core competencies and qualifications of the Board of Directors.

When evaluating candidates

for election to the Board, the Nominating Committee seeks candidates with certain qualities that it believes are important, including

integrity, an objective perspective, good judgment, and leadership skills.

Our directors are highly educated and have diverse backgrounds

and talents and extensive track records of success in what we believe are highly relevant positions.

Some of our directors have served

in our operating entity, Dongfang Paper, for many years and benefit from an intimate knowledge of our operations and corporate philosophy.

business, property and affairs are managed by or under the direction of the Board of Directors.

Members of the Board of Directors are

kept informed of our business through discussion with the chief executive and financial officers and other officers, by reviewing materials

provided to them and by participating at meetings of the board and its committees.

Board of Directors has three committees - the Audit Committee, the Compensation Committee and the Nominating Committee.

The Audit Committee

is comprised of Marco Ku Hon Wai, Wenbing Christopher Wang and Lusha Niu, with Mr.

Niu also served as a Consulting Analyst

with BDA Consulting, advising global institutional investors on their China deal strategy.

Niu holds a Master’s degree in Finance

from the University of Colorado.

The Board of Directors believes

that each of the Company’s directors is highly qualified to serve as a member of the Board.

Each of the directors has contributed

to the mix of skills, core competencies and qualifications of the Board of Directors.

When evaluating candidates for election to the Board,

the Nominating Committee seeks candidates with certain qualities that it believes are important, including integrity, an objective perspective,

good judgment, and leadership skills.

Our directors are highly educated and have diverse backgrounds and talents and extensive track records

of success in what we believe are highly relevant positions.

Some of our directors have served in our operating entity, Dongfang Paper,

for many years and benefit from an intimate knowledge of our operations and corporate philosophy.

Our business, property and

affairs are managed by or under the direction of the Board of Directors.

Members of the Board of Directors are kept informed of our business

through discussion with the chief executive and financial officers and other officers, by reviewing materials provided to them and by

participating at meetings of the board and its committees.

Our Board of Directors has

three committees - the Audit Committee, the Compensation Committee and the Nominating Committee.

The Audit Committee is comprised of Marco

Ku Hon Wai, Wenbing Christopher Wang and Lusha Niu, with Mr.

Ku serving as chairman.

The Compensation Committee

is comprised of Marco Ku Hon Wai, Wenbing Christopher Wang and Lusha Niu, with Ms.

The Compensation Committee is comprised of Marco

Ku Hon Wai, Wenbing Christopher Wang and Lusha Niu, with Ms.

Lusha Niu serving as chairwoman.

The Nominating Committee

is comprised of Marco Ku Hon Wai, Wenbing Christopher Wang and Lusha Niu, with Mr.

The Nominating Committee is comprised of

Marco Ku Hon Wai, Wenbing Christopher Wang and Lusha Niu, with Mr.

Wenbing Christopher Wang serving as chairman.

Audit Committee is involved in discussions with our independent auditor with respect to the scope and results of our year-end audit,

our quarterly results of operations, our internal accounting controls and the professional services furnished by the independent auditor.

Our Board of Directors has determined that both Mr.

Our Audit Committee is involved

in discussions with our independent auditor with respect to the scope and results of our year-end audit, our quarterly results of operations,

our internal accounting controls and the professional services furnished by the independent auditor.

Our Board of Directors has determined

that both Mr.

Marco Ku Hon Wai and Mr.

Wenbing Christopher Wang qualify as audit committee financial

experts and have the accounting or financial management expertise as required under NYSE Rule 303A.07(a).

Our Board of Directors has

also adopted a written charter for the audit committee which the audit committee reviews and reassesses for adequacy on an annual basis.

A copy of the audit committee’s current charter is available at the our corporate website at http://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912345722139375725.pdf

Compensation Committee oversees the compensation of our chief executive officer and our other executive officers and reviews our overall

compensation policies for employees generally.

If so authorized by the Board of Directors, the committee may also serve as the granting

and administrative committee under any option or other equity-based compensation plans which we may adopt.

The Compensation Committee

does not delegate its authority to fix compensation;

however, as to officers who report to the chief executive officer, the compensation

committee consults with the chief executive officer, who may make recommendations to the compensation committee.

Any recommendations

by the chief executive officer are accompanied by an analysis of the basis for the recommendations.

The committee will also discuss compensation

policies for employees who are not officers with the chief executive officer and other responsible officers.

A copy of the compensation

committee’s current charter is available at our corporate website at

http://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912355880048874958.pdf

Nominating Committee is involved in evaluating the desirability of and recommending to the board any changes in the size and composition

of the board, evaluation of and successor planning for the chief executive officer and other executive officers.

The qualifications of

any candidate for director will be subject to the same extensive general and specific criteria applicable to director candidates generally.

A copy of the nominating committee’s current charter is available at our corporate website at

http://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912356661968874958.pdf

have adopted a code of ethics that applies to our principal executive officer, principal financial officer, principal accounting officer

and controller, or persons performing similar functions.

Wenbing Christopher Wang qualify as audit committee financial experts and have the accounting or

financial management expertise as required under NYSE Rule 303A.07(a).

Our Board of Directors has also adopted a written charter for the

audit committee which the audit committee reviews and reassesses for adequacy on an annual basis.

A copy of the audit committee’s

current charter is available at the our corporate website at https://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912345722139375725.pdf

The Compensation Committee oversees the compensation

of our chief executive officer and our other executive officers and reviews our overall compensation policies for employees generally.

If so authorized by the Board of Directors, the committee may also serve as the granting and administrative committee under any option

or other equity-based compensation plans which we may adopt.

The Compensation Committee does not delegate its authority to fix compensation;

however, as to officers who report to the chief executive officer, the compensation committee consults with the chief executive officer,

who may make recommendations to the compensation committee.

Any recommendations by the chief executive officer are accompanied by an analysis

of the basis for the recommendations.

The committee will also discuss compensation policies for employees who are not officers with the

chief executive officer and other responsible officers.

A copy of the compensation committee’s current charter is available at our

corporate website at https://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912355880048874958.pdf

The Nominating Committee is involved in evaluating the desirability

of and recommending to the board any changes in the size and composition of the board, evaluation of and successor planning for the chief

executive officer and other executive officers.

The qualifications of any candidate for director will be subject to the same extensive

general and specific criteria applicable to director candidates generally.

A copy of the nominating committee’s current charter

is available at our corporate website at https://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912356661968874958.pdf

Code of Ethics

We have adopted a code of

ethics that applies to our principal executive officer, principal financial officer, principal accounting officer and controller, or persons

performing similar functions.

The Code of Ethics is currently available at our corporate website at

http://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912363688526617528.pdf

Board of Directors and its committees held the following number of meetings during 2021:

https://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912363688526617528.pdf

Board Meetings

The Board of Directors and its committees held the following

number of meetings during 2022:

Board of Directors

2 unchanged sentences

Nominating Committee

above table includes meetings held by means of a conference telephone call, but not actions taken by unanimous written consent.

director attended at least 75% of the total number of meetings of the Board of Directors and those committees on which he served during

the fiscal year ended December 31, 2021, the Board of Directors met on at least a quarterly basis.

The independent directors had regularly

scheduled meetings as often as necessary to fulfill their responsibilities, including at least annually in executive session without

the presence of non-independent directors and management as required by Section 802(c) of the NYSE American Company Guide.

or Executive Officers involved in Bankruptcy or Criminal Proceedings

our knowledge, during the last ten years, none of our directors and executive officers (including those of our subsidiaries) has:

had a bankruptcy petition

filed by or against any business of which such person was a general partner or executive officer either at the time of the bankruptcy

or within two years prior to that time;

been convicted in a criminal

proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor offenses;

been subject to any order,

judgment or decree, not subsequently reversed, suspended or vacated, of any court of competent jurisdiction, permanently or temporarily

enjoining, barring, suspending or otherwise limiting his involvement in any type of business, securities or banking activities;

been found by a court of

competent jurisdiction (in a civil action), the SEC, or the Commodities Futures Trading Commission to have violated a federal or

state securities or commodities law, and the judgment has not been reversed, suspended or vacated;

been the subject to, or

a party to, any sanction or order, not subsequently reverse, suspended or vacated, of any self-regulatory organization, any registered

entity, or any equivalent exchange, association, entity or organization that has disciplinary authority over its members or persons

associated with a member.

Leadership Structure and Role in Risk Oversight

Zhenyong Liu is our chairman and chief executive officer.

The above table includes meetings held by means

of a conference telephone call, but not actions taken by unanimous written consent.

Each director attended at least 75% of the total number of meetings

of the Board of Directors and those committees on which he served during the year.

For the fiscal year ended

December 31, 2022, the Board of Directors met on at least a quarterly basis.

The independent directors had regularly scheduled meetings

as often as necessary to fulfill their responsibilities, including at least annually in executive session without the presence of non-independent

directors and management as required by Section 802(c) of the NYSE American Company Guide.

Directors or Executive Officers involved in Bankruptcy or Criminal

To our knowledge, during the last ten years, none of our directors

and executive officers (including those of our subsidiaries) has:

● had a bankruptcy petition filed by or against any business of which such person was a general partner or executive officer either

at the time of the bankruptcy or within two years prior to that time;

● been convicted in a criminal proceeding or been subject to a pending criminal proceeding, excluding traffic violations and other minor

● been subject to any order, judgment or decree, not subsequently reversed, suspended or vacated, of any

court of competent jurisdiction, permanently or temporarily enjoining, barring, suspending or otherwise limiting his involvement in any

type of business, securities or banking activities;

● been found by a court of competent jurisdiction (in a civil action), the SEC, or the Commodities Futures

Trading Commission to have violated a federal or state securities or commodities law, and the judgment has not been reversed, suspended

● been the subject to, or a party to, any sanction or order, not subsequently reverse, suspended or vacated,

of any self-regulatory organization, any registered entity, or any equivalent exchange, association, entity or organization that has disciplinary

authority over its members or persons associated with a member.

Board Leadership Structure and Role in Risk Oversight

Zhenyong Liu is our chairman

and chief executive officer.

At the advice of other members of the management or the Board, Mr.

meetings of the Board of Directors when necessary.

Liu calls meetings of the Board of Directors

when necessary.

We have three independent directors.

Our Board of Directors has three standing committees,

each of which is comprised solely of independent directors with a committee chair.

The Board of Directors believes that the Company’s

chief executive officer is best situated to serve as chairman of the Board of Directors because he is the director most familiar with

our business and industry and the director most capable of identifying strategic priorities and executing our business strategy.

that this leadership structure has served the Company well.

Our Board of Directors has three standing committees, each of which is comprised

solely of independent directors with a committee chair.

The Board of Directors believes that the Company’s chief executive officer

is best situated to serve as chairman of the Board of Directors because he is the director most familiar with our business and industry

and the director most capable of identifying strategic priorities and executing our business strategy.

We believe that this leadership

structure has served the Company well.

Our Board of Directors has overall responsibility for risk oversight.

Board of Directors has delegated responsibility for the oversight of specific risks to the committees as follows:

The Audit Committee oversees

the Company’s risk policies and processes relating to the financial statements and financial reporting processes, as well as

key credit risks, liquidity risks, market risks and compliance, and the guidelines, policies and processes for monitoring and mitigating

The Compensation Committee

oversees the compensation of our chief executive officer and our other executive officers and reviews our overall compensation policies

for employees.

The Nominating Committee oversees risks related to

the Company’s governance structure and processes.

Board of Directors is responsible for approving all related party transactions according to our Code of Ethics.

We have not adopted written

policies and procedures specifically for related person transactions.

with Section 16(a) of the Securities Exchange Act of 1934

16(a) of the Exchange Act, requires our executive officers and directors and persons who own more than 10% of a registered class of our

equity securities to file with the SEC initial statements of beneficial ownership, reports of changes in ownership and annual reports

concerning their ownership of our common stock and other equity securities, on Form 3, 4 and 5 respectively.

Executive officers, directors

and greater than 10% shareholders are required by the SEC regulations to furnish our company with copies of all Section 16(a) reports

solely on our review of the copies of such reports received by us, and on written representations by our officers and directors regarding

their compliance with the applicable reporting requirements under Section 16(a) of the Exchange Act, we believe that, with respect to

the fiscal year ended December 31, 2021, our officers and directors, and all of the persons known to us to own more than 10% of our common

stock, filed all required reports on a timely basis.

The Board of Directors has

delegated responsibility for the oversight of specific risks to the committees as follows:

● The Audit Committee oversees the Company’s risk policies and processes relating to the financial

statements and financial reporting processes, as well as key credit risks, liquidity risks, market risks and compliance, and the guidelines,

policies and processes for monitoring and mitigating those risks.

● The Compensation Committee oversees the compensation of our chief executive officer and our other executive officers and reviews our

overall compensation policies for employees.

● The Nominating Committee oversees risks related to the Company’s governance structure and processes.

Our Board of Directors

is responsible for approving all related party transactions according to our Code of Ethics.

We have not adopted written policies and

procedures specifically for related person transactions.

Compliance with Section 16(a) of the Securities Exchange Act of

Section 16(a) of the Exchange

Act, requires our executive officers and directors and persons who own more than 10% of a registered class of our equity securities to

file with the SEC initial statements of beneficial ownership, reports of changes in ownership and annual reports concerning their ownership

of our common stock and other equity securities, on Form 3, 4 and 5 respectively.

Executive officers, directors and greater than 10% shareholders

are required by the SEC regulations to furnish our company with copies of all Section 16(a) reports they file.

Based solely on our review

of the copies of such reports received by us, and on written representations by our officers and directors regarding their compliance

with the applicable reporting requirements under Section 16(a) of the Exchange Act, we believe that, with respect to the fiscal year ended

December 31, 2022, our officers and directors, and all of the persons known to us to own more than 10% of our common stock, filed all

required reports on a timely basis.

Executive Compensation

following compensation table summarizes the cash and non-cash compensation earned during the years ended December 31, 2021 and 2020 by

each person who served as principal executive officer, principal financial officer, and secretary during 2020.

and Principal Position

The following compensation table summarizes the

cash and non-cash compensation earned during the years ended December 31, 2022 and 2021 by each person who served as principal executive

officer, principal financial officer, and secretary during 2022.

Name and Principal Position

Incentive Plan

Zhenyong Liu,

The value of the Stock

Award is determined by multiplying the number of restricted shares issued by the quoted closing price of the Company’s common

stock on the date of the award, which was $0.60 as of April 8, 2020.

Zhenyong Liu receives a monthly salary of RMB 20,000 (approximately $3,065).

Chairman, CEO

Employment Agreements

Zhenyong Liu receives

a monthly salary of RMB 20,000 (approximately $3,065).

On January 11, 2012, the Company awarded Mr.

44,326 shares of restricted common stock.

These shares of common stock were issued under the 2011 ISP and are valued at $3.45 per share,

based on the closing price on the date of the issuance.

On December 31, 2013, the Company awarded Mr.

Zhenyong Liu 44,326 shares of restricted

common stock under the 2011 ISP and 2012 ISP, with a value of $2.66 per share, based on the closing price on the date of the stock issuance.

On September 13, 2018, the Company issued 100,000 shares of common stock to Mr.

Zhenyong Liu under the 2015 Omnibus Equity Incentive

Plan with a value of $0.88 per share as of the date of issuance.

On April 8, 2020, the Company issued 200,000 shares of common stock

Zhenyong Liu under the 2019 ISP with a value of $0.60 per share as of the date of issuance.

On September 8, 2020, the Compensation

Committee of the Company unanimously approved that Mr.

Zhenyong Liu shall receive the bonus of $40,000 for his service rendered in the

Hao began receiving a monthly salary of RMB 20,000 (approximately $3,065) in January 2015.

On September 13, 2018, the company issued

10,000 shares of common stock to Ms.

Jing Hao under the 2015 Omnibus Equity Incentive Plan with a value of $0.88 per share as of the

date of issuance.

On September 8,2020, the Compensation Committee of the Company unanimously approved that Ms.

Jing Hao shall receive

the bonus of $40,000 for her service rendered in the year 2020.

following table sets forth a summary of compensation paid or entitled to our directors during the fiscal years ended December 31, 2021

and Principal Position

Marco Ku Hon Wai

Wenbing Christopher Wang

November 1, 2014, Mr.

Marco Ku Hon Wai began serving as our director and has received annual compensation of $20,000, payable on a monthly

In addition, the Company agreed to issue Mr.

Ku 7,500 shares of its common stock every year under the Company’s stock incentive

On January 12, 2016, the Company issued Mr.

Ku 7,500 shares restricted common stock under the 2015 ISP for his services in 2015,

with a value of $1.33 per share, based on the closing price on the date of the issuance.

Ku will be reimbursed for his out-of-pocket

expenses incurred in connection with his service to the Company.

October 28, 2009, Mr.

Wenbing Christopher Wang has served as our director and has received annual compensation of $20,000, payable on

a monthly basis.

Wang also received 4,000 shares of common stock, a number equal to $20,000 divided by the closing price of the common

stock on October 28, 2009, with piggyback registration rights subordinate to that held by investors in any past or future private placement

of securities.

On January 11, 2012, the Company awarded its independent director Mr.

Wenbing Christopher Wang 15,820 shares of restricted

common stock.

2 unchanged sentences

On December 31, 2013, the Company awarded Mr.

Wang 5,000 shares restricted common stock under the 2011 ISP

and 2012 ISP for, with a value of $2.66 per share, based on the closing price on the date of the stock issuance.

On January 12, 2016,

Zhenyong Liu 8,000 shares of restricted common stock under

the 2011 ISP and 2012 ISP, with a value of $2.66 per share, based on the closing price on the date of the stock issuance.

13, 2018, the Company issued 100,000 shares of common stock to Mr.

Zhenyong Liu under the 2015 Omnibus Equity Incentive Plan with a value

of $0.88 per share as of the date of issuance.

On April 8, 2020, the Company issued 200,000 shares of common stock to Mr.

under the 2019 ISP with a value of $0.60 per share as of the date of issuance.

On September 8, 2020, the Compensation Committee of the

Company unanimously approved that Mr.

Zhenyong Liu shall receive the bonus of $40,000 for his service rendered in the year 2020.

Hao began receiving

a monthly salary of RMB 20,000 (approximately $3,065) in January 2015.

On September 13, 2018, the company issued 10,000 shares of common

Jing Hao under the 2015 Omnibus Equity Incentive Plan with a value of $0.88 per share as of the date of issuance.

8,2020, the Compensation Committee of the Company unanimously approved that Ms.

Jing Hao shall receive the bonus of $40,000 for her service

rendered in the year 2020.

Compensation of Directors

The following table sets forth a summary of compensation paid or entitled

to our directors during the fiscal years ended December 31, 2022 and 2021:

Name and Principal Position

Incentive Plan

Marco Ku Hon Wai

Wenbing Christopher Wang

Effective November 1, 2014,

Marco Ku Hon Wai began serving as our director and has received annual compensation of $20,000, payable on a monthly basis.

the Company agreed to issue Mr.

Ku 7,500 shares of its common stock every year under the Company’s stock incentive plan.

12, 2016, the Company issued Mr.

Wang 5,000 shares restricted common stock under the 2015 ISP, with a value of $1.33 per share, based on the closing

price on the date of the issuance.

October 12, 2016, Ms.

Lusha Niu was elected as our director and receives annual compensation of RMB50,000, payable on a monthly basis.

December 31, 2013, Mr.

Ku 7,500 shares restricted common stock under the 2015 ISP for his services in 2015, with a value of

$1.33 per share, based on the closing price on the date of the issuance.

Ku will be reimbursed for his out-of-pocket expenses incurred

in connection with his service to the Company.

Effective October 28, 2009,

Wenbing Christopher Wang has served as our director and has received annual compensation of $20,000, payable on a monthly basis.

Wang also received 4,000 shares of common stock, a number equal to $20,000 divided by the closing price of the common stock on October

28, 2009, with piggyback registration rights subordinate to that held by investors in any past or future private placement of securities.

On January 11, 2012, the Company awarded its independent director Mr.

Wenbing Christopher Wang 15,820 shares of restricted common stock.

These shares of common stock were issued under the 2011 ISP and are valued at $3.45 per share, based on the closing price on the date

of the issuance.

On December 31, 2013, the Company awarded Mr.

Wang 5,000 shares restricted common stock under the 2011 ISP and 2012 ISP

for, with a value of $2.66 per share, based on the closing price on the date of the stock issuance.

On January 12, 2016, the Company issued

Wang 5,000 shares restricted common stock under the 2015 ISP, with a value of $1.33 per share, based on the closing price on the date

of the issuance.

On October 12, 2016, Ms.

Lusha Niu was elected as our director

and receives annual compensation of RMB50,000, payable on a monthly basis.

On December 31, 2013, Mr.

Fuzeng Liu received 5,000 shares of restricted common stock from our 2011 and 2012 ISPs.

The value of the stock

award is determined by the closing price of the Company’s common stock on the date of the award, which was $2.66 as of December

than the appointments described above, there are no understandings or arrangements between Mr.

Niu and any other

person pursuant to which Mr.

The value of the stock award is determined by

the closing price of the Company’s common stock on the date of the award, which was $2.66 as of December 31, 2013.

Other than the appointments

described above, there are no understandings or arrangements between Mr.

Niu and any other person pursuant to which

Niu was appointed as a director.

Wang, and Ms.

Niu do not have any family

relationship with any director, executive officer or person nominated or chosen by us to become a director or executive officer.

Equity Awards at Fiscal Year-End

were no option exercises in fiscal year of 2021 or options outstanding as of December 31, 2021.

and Retirement Plans

except for contributions to the PRC government-mandated social security retirement endowment fund for those employees who have not waived

their coverage, we do not offer any annuity, pension or retirement benefits to be paid to any of our officers, directors or employees.

There are also no compensatory plans or arrangements with respect to any individual named above which results or will result from the

resignation, retirement or any other termination of employment with our company, or from a change in our control.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

following table sets forth certain information with respect to the beneficial ownership of our common stock by (i) each director,

(ii) our Chief Executive Officer and President and (iii) all executive officers and directors as a group as of March 15, 2022.

and Nature of Beneficial Ownership

and Address of Beneficial Owner (1)

Zhenyong Liu CEO

Niu do not have any family relationship with any director,

executive officer or person nominated or chosen by us to become a director or executive officer.

Outstanding Equity Awards at Fiscal Year-End

There were no option exercises in fiscal year of 2022 or options

outstanding as of December 31, 2022.

Pension and Retirement Plans

Currently, except for contributions

to the PRC government-mandated social security retirement endowment fund for those employees who have not waived their coverage, we do

not offer any annuity, pension or retirement benefits to be paid to any of our officers, directors or employees.

There are also no compensatory

plans or arrangements with respect to any individual named above which results or will result from the resignation, retirement or any

other termination of employment with our company, or from a change in our control.

Security Ownership of Certain Beneficial Owners and Management

and Related Stockholder Matters

The following table sets forth certain

information with respect to the beneficial ownership of our common stock by (i) each director, (ii) our Chief Executive Officer and President

and (iii) all executive officers and directors as a group as of March 23, 2023.

Amount and Nature of Beneficial Ownership

Name and Address of Beneficial Owner (1)

Percentage of

Zhenyong Liu CEO and Director

Dahong Zhou Secretary

2 unchanged sentences

Wenbing Christopher Wang Director

All Directors

and Executive Officers as a Group (7 persons)

Less than 1% of the Company’s issued and outstanding

common shares.

The address of each director

and executive officer is c/o Science Park, Juli Road, Xushui District, Baoding City, Hebei Province, People’s Republic of China.

Certain Relationships and Related Transactions, and Director Independence

from our principal shareholder, Chairman and CEO Mr.

Liu, the Company’s CEO has loaned money to Dongfang Paper for working capital purposes over a period of time.

On January 1, 2013,

Dongfang Paper and Mr.

Zhenyong Liu renewed the three-year term loan previously entered on January 1, 2010, and extended the maturity

date further to December 31, 2015.

On December 31, 2015, the Company paid off the loan of $2,249,279, together with interest of $391,374

for the period from 2013 to 2015.

LushaNiu Director

All Directors and Executive Officers as a Group (7 persons)

* Less than 1% of

the Company’s issued and outstanding common shares.

(1) The address of each director and executive officer is c/o Science Park, Juli Road, Xushui District, Baoding City, Hebei Province,

People’s Republic of China.

Certain Relationships and Related Transactions, and Director

Loans from our principal shareholder, Chairman and CEO Mr.

Mr Zhenyong Liu, the Company’s

CEO has loaned money to Dongfang Paper for working capital purposes over a period of time.

On January 1, 2013, Dongfang Paper and Mr.

Zhenyong Liu renewed the three-year term loan previously entered on January 1, 2010, and extended the maturity date further to December

On December 31, 2015, the Company paid off the loan of $2,249,279, together with interest of $391,374 for the period from 2013

Approximately $392,855 and $367,441 of interest were outstanding to Mr.

Zhenyong Liu, which were recorded

in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet as of December 31, 2021,

and 2020, respectively.

December 10, 2014, Mr.

Zhenyong Liu provided a loan to the Company, amounted to $8,742,278 to Dongfang Paper for working capital purpose

with an interest rate of 4.35% per annum, which was based on the primary lending rate of People’s Bank of China.

The unsecured

loan was provided on December 10, 2014, and would be originally due on December 10, 2017.

During the year of 2016, the Company repaid

$6,012,416 to Mr.

Zhenyong Liu, together with interest of $288,596.

In February 2018, the company paid off the remaining balance, together

with interest of $20,400.

As of December 31, 2021, and 2020, approximately $45,978 and $43,003 of interest were outstanding to Mr.

Liu, which was recorded in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet.

March 1, 2015, the Company entered an agreement with Mr.

Zhenyong Liu which allows Dongfang Paper to borrow from the CEO an amount up

to $17,201,342 (RMB120,000,000) for working capital purposes.

The advances or funding under the agreement are due three years from the

date each amount is funded.

The loan is unsecured and carries an annual interest rate set on the basis of the primary lending rate of

the People’s Bank of China at the time of the borrowing.

On July 13, 2015, an unsecured amount of $4,324,636 was drawn from the

On October 14, 2016 an unsecured amount of $2,883,091 was drawn from the facility.

In February 2018, the company repaid $1,507,432

Zhenyong Liu, which were recorded in other payables and

accrued liabilities as part of the current liabilities in the consolidated balance sheet as of December 31, 2022, and 2021, respectively.

On December 10, 2014, Mr.

Zhenyong Liu provided a loan to the Company, amounted to $8,742,278 to Dongfang Paper for working capital purpose with an interest rate

of 4.35% per annum, which was based on the primary lending rate of People’s Bank of China.

The unsecured loan was provided on December

10, 2014, and would be originally due on December 10, 2017.

During the year of 2016, the Company repaid $6,012,416 to Mr.

Zhenyong Liu,

The loan would be originally due on July 12, 2018.

Zhenyong Liu agreed to extend the loan for additional 3 years

and the remaining balance will be due on July 12, 2021.

together with interest of $288,596.

In February 2018, the company paid off the remaining balance, together with interest of $20,400.

of December 31, 2022, and 2021, approximately $45,978 and $43,003 of interest were outstanding to Mr.

Zhenyong Liu, which was recorded

in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet.

On March 1, 2015, the Company

entered an agreement with Mr.

Zhenyong Liu which allows Dongfang Paper to borrow from the CEO an amount up to $17,201,342 (RMB120,000,000)

for working capital purposes.

The advances or funding under the agreement are due three years from the date each amount is funded.

loan is unsecured and carries an annual interest rate set on the basis of the primary lending rate of the People’s Bank of China

at the time of the borrowing.

On July 13, 2015, an unsecured amount of $4,324,636 was drawn from the facility.

On October 14, 2016 an

unsecured amount of $2,883,091 was drawn from the facility.

In February 2018, the company repaid $1,507,432 to Mr.

Zhenyong Liu.

would be originally due on July 12, 2018.

Zhenyong Liu agreed to extend the loan for additional 3 years and the remaining balance

will be due on July 12, 2021.

On November 23, 2018, the company repaid $3,768,579 to Mr.

Zhenyong Liu, together

with interest of $158,651.

Zhenyong Liu, together with interest of $158,651.

In December 2019, the company paid off the remaining balance, together with interest of 94,636.

As of December

31, 2021, and 2020, the outstanding loan balance were $nil and $2,185,569, respectively, and the accrued interest was $210,635and $197,009,

respectively, which was recorded in other payables and accrued liabilities as part of the current liabilities in the consolidated balance

of December 31, 2021, and 2020, total amount of loans due to Mr.

As of December 31, 2022, and 2021, the

outstanding loan balance were $nil and $2,185,569, respectively, and the accrued interest was $210,635and $197,009, respectively, which

was recorded in other payables and accrued liabilities as part of the current liabilities in the consolidated balance sheet.

As of December 31, 2022 and

2021, total amount of loans due to Mr.

Zhenyong Liu were $nil.

The interest expense incurred for such related

party loans are $nil and $94,636for the years ended December 31, 2021, and 2020, respectively.

The accrued interest owe to the CEO was

approximately $649,468 and $607,453, as of December 31, 2021, and 2020, respectively, which was recorded in other payables and accrued

of December 31, 2021, and 2020, amount due to shareholder are $727,433 and $483,433, respectively, which represents funds from shareholders

to pay for various expenses incurred in the U.S.

The interest expense incurred for such related party loans are $nil and

$94,636 for the years ended December 31, 2022, and 2021, respectively.

The accrued interest owe to the CEO was approximately $649,468

and $607,453, as of December 31, 2022, and 2021, respectively, which was recorded in other payables and accrued liabilities.

As of December 31, 2022 and

2021, amount due to shareholder are $727,433 and $483,433, respectively, which represents funds from shareholders to pay for various expenses

incurred in the U.S.

The amount is due on demand with interest free.

for Approval of Related Party Transactions

Board of Directors is charged with reviewing and approving all potential related party transaction whether or not such transactions exceed

We have not adopted other procedures for review, or standards for approval, of such transactions, but instead review them on

a case-by-case basis.

Company currently has three independent directors, Marco Ku Hon Wai, Wenbing Christopher Wang, and Lusha Niu, as that term is defined

under the NYSE American Company Guide.

Procedures for Approval of Related Party Transactions

Our Board of Directors is

charged with reviewing and approving all potential related party transaction whether or not such transactions exceed $120,000.

not adopted other procedures for review, or standards for approval, of such transactions, but instead review them on a case-by-case basis.

Director Independence

The Company currently has

three independent directors, Marco Ku Hon Wai, Wenbing Christopher Wang, and Lusha Niu, as that term is defined under the NYSE American

Company Guide.

Principal Accountant Fees and Services

incurred approximately $188,208 for professional services rendered by our registered independent public accounting firm, WWC, P.C., for

the audit and reviews of the Company’s financial statements for 2020.

incurred approximately $147,118 for professional services rendered by our registered independent public accounting firm, WWC, P.C., for

the audit and reviews of the Company’s financial statements for 2021.

Audit-Related

Tech Packaging did not incur any audit-related fees to WWC in 2020.

Tech Packaging did not incur any audit-related fees to WWC in 2021.

Reporting Preparation Fees

IT Tech Packaging did not

incur any tax Reporting Preparation fees to WWC in 2020.

Our independent public accounting firm is WWC.

Certified Public

Accountants , 2010 Pioneer Court San Mateo, CA 94403, PCAOB Auditor ID 1171.

We incurred approximately

$191,000 for professional services rendered by our registered independent public accounting firm, WWC, P.C., for the audit and reviews

of the Company’s financial statements for 2022.

We incurred approximately

$147,118 for professional services rendered by our registered independent public accounting firm, WWC, P.C., for the audit and reviews

of the Company’s financial statements for 2021.

Audit-Related Fees

IT Tech Packaging did not incur any audit-related fees to

Tax Reporting Preparation Fees

IT Tech Packaging did not incur any tax Reporting Preparation

fees to WWC in 2022.

IT Tech Packaging did not incur any tax Reporting Preparation

fees to WWC in 2021.

All Other Fees

IT Tech Packaging did not

incur any tax Reporting Preparation fees to WWC in 2021.

Tech Packaging did not incur any fees from its registered independent public accounting firm for services rendered to IT Tech Packaging,

other than the services covered in “Audit Fees” and “Audit-Related Fees” for the fiscal years ended December

31, 2021, and 2020.

respect to the Company’s auditing and other non-audit related services rendered by its registered independent public accounting

firm for 2021and 2020, all engagements were entered into pursuant to the audit committee’s pre-approval policies and procedures.

incur any fees from its registered independent public accounting firm for services rendered to IT Tech Packaging, other than the services

covered in “Audit Fees” and “Audit-Related Fees” for the fiscal years ended December 31, 2021 and 2022.

With respect to the Company’s

auditing and other non-audit related services rendered by its registered independent public accounting firm for 2021 and 2022, all engagements

were entered into pursuant to the audit committee’s pre-approval policies and procedures.

Exhibits, Financial Statements Schedules

and Plan of Merger, dated October 29, 2007, by and among Carlateral, Inc., CARZ Merger Sub, Inc., Dongfang Zhiye Holding Limited,

and the shareholders of Dongfang Zhiye Holding Limited, incorporated by reference from Exhibit 10.1 to the Company’s Current

Report on Form 8-K filed with the Securities and Exchange Commission on November 2, 2007.

of Incorporation, incorporated by reference to the exhibit to our report on form SB-2 filed with the SEC on August 4, 2006

of Amendment to Articles of Incorporation, incorporated by reference to the exhibit of the same number to our Current Report on form

8-K filed with the SEC on December 28, 2007

incorporated by reference to the exhibit to our report on form SB-2 filed with the SEC on August 4, 2006

of Common Stock certificate, incorporated by reference to the exhibit to our report on form SB-2 filed with the SEC on August 4,

of Warrant, incorporated by reference to exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on September 3, 2014.

of Securities, incorporated by reference to exhibit 4.3 to our Annual Report on Form 10-K filed with the SEC on March 23, 2020.

of Warrant, incorporated by reference to exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on May 1, 2020.

of Warrant, incorporated by reference to exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on May 4, 2020.

of Warrant, incorporated by reference to exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on January 20, 2021.

Agency Agreement dated March 1, 2021 by and between the Company and Empire Stock Transfer Inc., incorporated by reference to the

Exhibit 4.1 to our Current Report on Form 8-K filed with the SEC on March 1, 2021.

of Common Stock Purchase Warrant, incorporated by reference to the Exhibit 4.2 to our Current Report on Form 8-K filed with the SEC

on March 1, 2021.

Lease Agreement, dated January 2, 2002, by and between the Company and Xushui District Dayin Township Wuji Village Committee and

Party Branch, incorporated by reference to the exhibit to our amended Annual Report on form 10-K/A filed with the SEC on February

Use Rights Certificate, dated March 10, 2003, incorporated by reference to the exhibit to our amended Annual Report on form 10-K/A

filed with the SEC on February 1, 2010

Technical Service and Business Consulting Agreement, dated June 24, 2009, by and between Dongfang Paper and Baoding Shengde, incorporated