Item 2. Properties
ITEM 2. PROPERTIES
Our primary facilities, which are owned except where otherwise indicated,
are as follows:
Facility
Location
Approximate Size
(Square Meters)
Owned or Leased
Xianning Bozhuang *
Xianning City, Hubei Province, PRC
33,333
Land Use Rights Obtained
Jingshan Sanhe **
Jingshan City, Hubei Province, PRC
11,018
Leased
Jilin Chuangyuan ***
Meihekou City, Jilin Province, PRC
59,690
Land Use Rights Obtained
Anhui Ansheng***
Xuan City, Anhui Province, PRC
51,367
Land Use Rights Obtained
Shandong Yunchu****
Qingdao City, Shandong Province
178.16
Leased
* Became
a VIE in May 2019 and became a subsidiary in August 2021.
** Became
a subsidiary in September 2021.
*** Became a VIE in July 2021.
**** Become a subsidiary in December 2021
In the aggregate, we currently have land use rights to, or lease,
5 properties with approximately 155,586.16 square meters, consisting of manufacturing facilities and office buildings for future expansion.
We believe our current facilities provide adequate capacity for our current and projected needs.
All land in China is owned by the government. Individuals and companies
are permitted to acquire land use rights for specific purposes. In the case of land used for industrial purposes, the land use rights
are granted for a period of up to 50 years. This period may be renewed at the expiration of the initial and any subsequent terms. Granted
land use rights are transferable and may be used as security for borrowings and other obligations.
ITEM 3. LEGAL PROCEEDINGS
Not Applicable.
ITEM 4. MINE SAFETY DISCLOSURES
Not applicable.
18
PART II
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.