Recently, Ruihong (Suzhou) Electronic Chemicals Co., Ltd. (hereinafter referred to as "Suzhou Ruihong" or the "Company") received a letter from the National Equities Exchange and Quotation Co., Ltd. and was approved to list its shares on the National Equities Exchange and Quotation for public transfer. The legal service for the listing of Suzhou Ruihong on the New OTC Market was provided by the partner of V&T, lawyer Xue Lian and her team.

Founded in 1993, Suzhou Ruihong is a subsidiary of Crystal Clear Electronic Material Co., Ltd. (hereinafter referred to as "the Listed Company"), a company listed on the Shenzhen Stock Exchange. The listing on the New OTC Market is a spin-off subsidiary of the listed company for independent capital operation, further enriching the layout of the listed company in the capital market. Suzhou Ruihong is a high-tech enterprise focusing on the research and development, production and sales of photoresist and its supporting reagents, and concentrating on semiconductor and display panel applications. Its product technology level and sales are in the leading position in China, and it is currently one of the professional photoresist enterprises with the longest history and largest scale in the development and production of photoresists for semiconductors and photoelectric displays in China.

The project team consisting of V&T partner, lawyer Xue Lian and her team members - lawyer Li Hao and lawyer Zhang Yihang provided rigorous, professional, diligent and efficient legal services for this New OTC Market listing project. They worked closely with the company and other intermediaries to properly agree on the standardization and rectification plan for complex and difficult issues such as horizontal competition, connected transactions and independence involved in the process of spinning off subsidiaries of the listed company for independent capital operation. They jointly promoted the company's New OTC Market listing application to be approved by the National Equities Exchange and Quotation, which was highly recognized by the company.