Bai Xinglong announced that the company held the 19th meeting of the 5th board of directors on December 29, 2025 to review and pass the “On Termination of Foreign Investment and Establishing a Three-Level Joint Venture Subsidiary”. Previously, the company planned to establish a joint venture third-level subsidiary Vietnam Baixinglong Creative Packaging Co., Ltd. through a wholly-owned second-tier subsidiary, and Vietnam Hongcai Technology Co., Ltd., to hold 51% of the shares. However, since the two parties to the joint venture failed to reach a consensus on the establishment and operation, it was decided to terminate the investment. The termination of the investment will not have a significant impact on the company's current business and business development.

Bai Xinglong announced that the company held the 19th meeting of the 5th board of directors on December 29, 2025 to review and pass the “On Termination of Foreign Investment and Establishing a Three-Level Joint Venture Subsidiary”. Previously, the company planned to establish a joint venture third-level subsidiary Vietnam Baixinglong Creative Packaging Co., Ltd. through a wholly-owned second-tier subsidiary, and Vietnam Hongcai Technology Co., Ltd., to hold 51% of the shares. However, since the two parties to the joint venture failed to reach a consensus on the establishment and operation, it was decided to terminate the investment. The termination of the investment will not have a significant impact on the company's current business and business development.