What changed in this filing

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Item 9A. Controls and Procedures

2024-03-27 compared with 2023-03-24 · 211 added, 165 removed, 410 unchanged (48% of the section changed)

19 unchanged sentences

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

Management conducted an

assessment of the effectiveness of the Company’s internal control over financial reporting as of December 31, 2023.

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, 2023,

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.

12 unchanged sentences

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.

Our Board of Directors is comprised of five directors, and is divided into

two classes, Class I and Class II.

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

The following table sets forth certain information with respect

19 unchanged sentences

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.

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

6 unchanged sentences

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.

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.

Marco Ku Hon Wai.

13 unchanged sentences

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 Fushi Copperweld, Inc.

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

Wang has also been serving as chief financial

officer of Phoenix Motor Inc.

(Nasdaq:PEV) since June 2021.

Wang has also been serving as President and Director of FushiCopperweld,

(“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.

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.

Wang holds a master’s degree

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

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

Liu has also served as Vice President of Dongfang 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

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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

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

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

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

The Code of Ethics is currently available at our corporate website at https://www.itpackaging.cn/uploadfile/txyxfh/file/20181029/6367640912363688526617528.pdf

Board Meetings

5 unchanged sentences

Nominating Committee

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.

The above table includes meetings held by means of a conference

telephone call and 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

18 unchanged sentences

Board Leadership Structure and Role in Risk Oversight

Zhenyong Liu is our chairman

and chief executive officer.

Zhenyong Liu is our

chairman and chief executive officer.

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

Liu calls 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.

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

22 unchanged sentences

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.

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, 2023, all such reports were filed timely.

Executive Compensation

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.

The following compensation

table summarizes the cash and non-cash compensation earned during the years ended December 31, 2023 and 2022 by each person who served

as principal executive officer, principal financial officer, and secretary during 2023.

Name and Principal Position

11 unchanged sentences

On December 31, 2013, the Company awarded Mr.

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.

Zhenyong Liu 800 shares of restricted common stock under the

2011 ISP and 2012 ISP, with a value of $26.6 per share, based on the closing price on the date of the stock issuance.

On September 13,

2018, the Company issued 10,000 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.

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

$8.8 per share as of the date of issuance.

On April 8, 2020, the Company issued 20,000 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 under

the 2019 ISP with a value of $6.0 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.

16 unchanged sentences

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.

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.

Ku 750 shares of its common stock.

On January 12, 2016, the Company issued Mr.

Ku 750 shares restricted

common stock under the 2015 ISP for his services in 2015, with a value of $13.3 per share, based on the closing price on the date of the

Ku will be reimbursed for his out-of-pocket expenses incurred in connection with his service to the Company.

Effective October 28, 2009,

13 unchanged sentences

On October 12, 2016, Ms.

Lusha Niu was elected as our director

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

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 500 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 31, 2013.

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 $26.6 as of December 31, 2013.

Other than the appointments

17 unchanged sentences

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.

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 the date of this annual report.

Amount and Nature of Beneficial Ownership

Name and Address of Beneficial Owner (1)

Amount and Nature of

Percentage of

Name and Address of Beneficial Owner (1)

Zhenyong Liu CEO and Director

5 unchanged sentences

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

* Less than 1% of

the Company’s issued and outstanding common shares.

* 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.

Securities Authorized for Issuance under Equity Compensation Plans

The following table provides information as of December 31,

2023 about our equity compensation plan and arrangements:

securities to

be issued upon

of outstanding

and restricted

exercise price

and restricted

available for

Equity compensation plans approved by security holders

Equity compensation plans not approved by security holders

Certain Relationships and Related Transactions, and Director

Loans from our principal shareholder, Chairman and CEO Mr.

Mr Zhenyong Liu, the Company’s

Zhenyong Liu, the Company’s

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

38 unchanged sentences

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.

As of December 31, 2023

and 2022, total amount of loans due to Mr.

Zhenyong Liu were $nil.

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

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

for the years ended December 31, 2023, and 2022, 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 accrued interest owe to the CEO was approximately $598,319 and $608,465,

as of December 31, 2023, and 2022, respectively, which was recorded in other payables and accrued liabilities.

On December 8, 2021, the Company

entered into an agreement with Mr.

Zhenyong Liu, which allows Mr.

Zhenyong Liu to borrow from the Company an amount of $6,507,431 (RMB44,089,085).

The loan was unsecured and carried a fixed interest rate of 3% per annum.

The loan was repaid by Mr.

Zhenyong Liu in February 2022.

In October 2022 and November

2022, the Company entered into two agreements with Mr.

Zhenyong Liu, which allowed Mr.

Zhenyong Liu to borrow from the Company an amount

of $7,059,455 (RMB50,000,000) in total.

The loans were unsecured and carried a fixed interest rate of 4.35% per annum.

$4,235,673 (RMB30,000,000)

was repaid by Mr.

Zhengyong Liu in August 2023 and the remaining balance was repaid in December 2023.

Interest income of the loan for

the year ended December 31, 2023 was $290,275.

As of December 31, 2023

and 2022, amount due to shareholder are $727,433, respectively, which represents funds from shareholders to pay for various expenses incurred

The amount is due on demand with interest free.

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.

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

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

Our independent public accounting firm is WWC.

Certified Public

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

Our independent public accounting

firm is GGF CPA LTD.

, Level 3, Shop 119 No.

20, Jingang Avenue, Nansha District, Guangzhou, Guangdong , PCAOB Auditor ID 2729 .

We incurred approximately

4 unchanged sentences

of the Company’s financial statements for 2022.

We incurred approximately

$166,000 for professional services rendered by our registered independent public accounting firm, GGF for the audit of the Company’s

financial statements for 2023.

Audit-Related Fees

13 unchanged sentences

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

Pre–Approval Policy of Services Performed

by Independent Registered Public Accounting Firm

The Audit Committee’s

policy is to pre–approve all audit and non–audit related services, tax services and other services.

Preapproval is generally

provided for up to one year, and any pre–approval is detailed as to the particular service or category of services and is generally

subject to a specific budget.

The Audit Committee has delegated the pre–approval authority to its chairperson when expedition of

services is necessary.

The independent registered public accounting firm and management are required to periodically report to the full

Audit Committee regarding the extent of services provided by the independent registered public accounting firm in accordance with this

pre–approval and the fees for the services performed to date.

Exhibits, Financial Statements Schedules

Description of Exhibit

Agreement 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.

2 unchanged sentences

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

Articles of Merger, incorporated by reference to the exhibit 3.1 to our report on Form 8-K filed with the SEC on August 1, 2018.

Certificate of Change, incorporated by reference to the exhibit 3.1 to our report on Form 8-K filed with the SEC on July 7, 2022.

Amended and Restated Bylaws, incorporated by reference to the exhibit 3.1 to our report on Form 8-K filed with the SEC on November 3, 2021.

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

25 unchanged sentences

Purchase Agreement, dated March 31, 2010, for the sale of 3,000,000 shares of Common Stock, by and between IT Tech Packaging, Inc.

andRoth Capital Partners, LLC, incorporated by reference to the exhibit to Current Report on form 8-K filed with the SEC on March 31, 2010

Purchase Agreement, dated April 9, 2010 by and between Henan Qinyang First Paper Machine Limited and Hebei Baoding Dongfang PaperMilling Company Limited for the purchase of a series of paper machineries and equipment, incorporated by reference to the exhibit to ourCurrent Report on form 8-K filed with the SEC on April 12, 2010

and Roth Capital Partners, LLC, incorporated by reference to the exhibit to Current Report on form 8-K filed with the SEC on March 31, 2010

Purchase Agreement, dated April 9, 2010 by and between Henan Qinyang First Paper Machine Limited and Hebei Baoding Dongfang PaperMilling Company Limited for the purchase of a series of paper machineries and equipment, incorporated by reference to the exhibit to our Current Report on form 8-K filed with the SEC on April 12, 2010

Letter from Mr.

1 unchanged sentence

Financing Limit Agreement dated as March 3, 2014 between Hebei Baoding Dongfang Paper Milling Co., Ltd.

and Shanghai PudongDevelopment Bank Inc., Baoding Branch, incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10-K filed on March 25,2014.

and Shanghai Pudong Development Bank Inc., Baoding Branch, incorporated by reference to Exhibit 10.23 to our Annual Report on Form 10-K filed on March 25,2014.

Enterprise Loan Agreement dated as of July 5, 2013 between Hebei Baoding Dongfang Paper Milling Co., Ltd.

and Rural Credit Union ofXushui District, incorporated by reference to Exhibit 10.24 to our Annual Report on Form10-K filed on March 25, 2014.

Letter, dated as of June 3, 2014, between the Company and H.C.

Wainwright & Co., LLC and amendments dated as of July 1,2014,

August 19, 2014 and August 25, 2014, incorporated by reference to exhibits 1.1 , 1.2 , 1.3 and 1.4 to our Current Report on Form 8-K

filed with the SEC on September 3, 2014.

Securities Purchase Agreement, dated August 25, 2014, incorporated by reference to exhibit 10.1 to our Current Report on Form 8-K filedwith the SEC on September 3, 2014.

and Rural Credit Union of Xushui District, incorporated by reference to Exhibit 10.24 to our Annual Report on Form10-K filed on March 25, 2014.

Engagement Letter, dated as of June 3, 2014, between the Company and H.C.

Wainwright & Co., LLC and amendments dated as of July 1,2014, August 19, 2014 and August 25, 2014, incorporated by reference to exhibits 1.1, 1.2, 1.3 and 1.4 to our Current Report on Form 8- K filed with the SEC on September 3, 2014.

Securities Purchase Agreement, dated August 25, 2014, incorporated by reference to exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on September 3, 2014.

Appointment Letter dated November 3, 2014, by and between IT Tech Packaging, Inc.

and Marco Ku Hon Wai, incorporated by reference toexhibit 10.1 to our Current Report on Form 8-K filed with the SEC on November 6, 2014.

and Marco Ku Hon

Wai, incorporated by reference to exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on November 6, 2014.

Loan Agreement dated December 2, 2014, by and between IT Tech Packaging, Inc.

1 unchanged sentence

Loan Agreement dated March 1, 2015, by and between IT Tech Packaging, Inc.

and Zhenyong Liu, incorporated by reference to Exhibit 10.25 to our Annual Report on Form 10-K filed on March 25, 2015.

Agreement dated July 1, 2015, among China Orient, Hebei Baoding Dongfang Paper Milling Company Limited, Baoding Shengde Paper Co.,Ltd., Zhenyong Liu, Xiaodong Liu, and Shuangxi Zhao, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filedwith the SEC on July 22, 2015

and Zhenyong Liu,

incorporated by reference to Exhibit 10.25 to our Annual Report on Form 10-K filed on March 25, 2015.

Acquisition Agreement dated June 25, 2019, by and between Hebei Baoding Dongfang Paper Milling Company Limited and HebeiTengsheng Paper Co., Ltd, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on June 28, 2019.

Supplement Agreement dated December 16, 2019, by and between Hebei Baoding Dongfang Paper Milling Company Limited and Hebei Tengsheng Paper Co., Ltd, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on December 17, 2019

Letter Agreement dated

April 21, 2020, by and between the Company and Maxim Group LLC, incorporated by reference to Exhibit 10.1 to our Current Report on

Form 8-K filed with the SEC on May 1, 2020.

Securities Purchase Agreement

dated April 29, 2020 by and between the Company and certain purchasers, incorporated by reference to Exhibit 10.2 to our Current

Report on Form 8-K filed with the SEC on May 1, 2020.

Amendment to Securities

Purchase Agreement dated May 4, 2020, by and between the Company and certain purchasers, incorporated by reference to Exhibit 10.1

to our Current Report on Form 8-K filed with the SEC on May 4, 2020.

Letter Agreement dated

January 14, 2021, by and between the Company and Maxim Group, incorporated by reference to Exhibit 10.1 to our Current Report on

Form 8-K filed with the SEC on January 20, 2021.

Form of Securities Purchase

Agreement among the Company and certain institutional investors, incorporated by reference to Exhibit 10.2 to our Current Report

on Form 8-K filed with the SEC on January 20, 2021.

Underwriting Agreement

dated as of February 24, 2021 by and between the Company and Maxim Group LLC, incorporated by reference to the Exhibit 1.1 to our

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

Code of Ethics and Business

Conduct, incorporated by reference to the Exhibit 14.1 to our Annual Report on Form10-K filed with the SEC on March 18, 2013

Description of Exhibit

Agreement dated December 16, 2019, by and between Hebei Baoding Dongfang Paper Milling Company Limited and Hebei Tengsheng Paper

Co., Ltd, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on December 17,

Letter Agreement dated April 21, 2020, by and between the Company and Maxim Group LLC, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on May 1, 2020.

Securities Purchase Agreement dated April 29, 2020 by and between the Company and certain purchasers, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the SEC on May 1, 2020.

Amendment to Securities Purchase Agreement dated May 4, 2020, by and between the Company and certain purchasers, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on May 4, 2020.

Letter Agreement dated January 14, 2021, by and between the Company and Maxim Group, incorporated by reference to Exhibit 10.1 to our Current Report on Form 8-K filed with the SEC on January 20, 2021.

Form of Securities Purchase Agreement among the Company and certain institutional investors, incorporated by reference to Exhibit 10.2 to our Current Report on Form 8-K filed with the SEC on January 20, 2021.

Underwriting Agreement dated as of February 24, 2021 by and between the Company and Maxim Group LLC, incorporated by reference to the Exhibit 1.1 to our Current Report on Form 8-K filed with the SEC on March 1, 2021.

Code of Ethics and Business Conduct, incorporated by reference to the Exhibit 14.1 to our Annual Report on Form10-K filed with the SEC on March 18, 2013

Lists of Subsidiaries

1 unchanged sentence

Certified Accountants.

Consent of GGF CPA LIMITED.

Certification Required Under Section 302 of Sarbanes-Oxley Act of 2002.

2 unchanged sentences

Certification Required Under Section 302 of Sarbanes-Oxley Act of 2002.

Clawback Policy

Inline XBRL Instance Document

Inline XBRL Schema Document

Inline XBRL Calculation

Linkbase Document

Inline XBRL Definition

Linkbase Document

Inline XBRL Label Linkbase

Inline XBRL Presentation

Linkbase Document

Cover Page Interactive

Data File (formatted as Inline XBRL and contained in Exhibit 101)

Inline XBRL Calculation Linkbase Document

Inline XBRL Definition Linkbase Document

Inline XBRL Label Linkbase Document

Inline XBRL Presentation Linkbase Document

Cover Page Interactive Data File (formatted as Inline XBRL and contained in Exhibit 101)

* Filed herewith.

Item 16 Form 10-K Summary.

10 unchanged sentences

on the dates indicated.

Executive Officer and Chairman of the Board

(principal executive

Financial Officer

financial and accounting officer)

/s/ Zhenyong Liu

Chief Executive Officer and Chairman of the

March 27, 2024

(principal executive officer)

Chief Financial Officer

March 27, 2024

(principal financial and accounting officer)

/s/ Fuzeng Liu

March 27, 2024

/s/ Marco Ku Hon Wai

March 27, 2024

Marco Ku Hon Wai

/s/ Wenbing Christopher Wang

March 27, 2024

Wenbing Christopher Wang

Christopher Wang

March 27, 2024

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 9A. Controls and Procedures