Investor Presentaiton

HOSHINE 売新疆天业 XINJIANG TIANYE Xinjiang Hoshine receives significant subsidies and support from the XPCC. In their 2019 annual report, they indicated that they had received financial incentives/investments from the XPCC in the amount of 40,140,411RMB, and they listed an additional on-going special subsidy from the XPCC that originated in 2012 for the amount of 26,855,298RMB. Xinjiang Hoshine also received compensation from the XPCC in 2017 and 2019 for costs incurred by the company for vocational skills upskilling training they provided to local laborers. Sheffield Hallam Helena Kennedy Centre for University International Justice 26

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