Announcement on behalf of Shen Hua Chemical Industrial Company Limited, a subsidiary of TSRC Corporation, of relocation in accordance with Policy

 Announcement on behalf of Shen Hua Chemical
Industrial Company Limited, a subsidiary of TSRC
Corporation, of relocation in accordance with Policy

1.Name and nature of the underlying asset (e.g., land located at Sublot XX,
Lot XX, North District, Taichung City):
No.1 Shen Hua Road, Nantong Economic & Technological Development Zone,
Nantong, Jiangsu, P.R.C
Shenhua's land use rights, buildings, and equipment.
2.Date of occurrence of the event:2021/12/02
3.Transaction unit amount (e.g.XX square meters, equivalent to XX ping),
unit price, and total transaction price:
(1) Land: 179,885.79 square meters
(2) Building: 34,631.46 square meters
(3) Equipment at the plant
(4) The total compensation amount is RMB 479,676,654.13
4.Trading counterparty and its relationship with the Company (if the trading
counterparty is a natural person and furthermore is not a related party of
the Company, the name of the trading counterparty is not required to be
disclosed):
1.Nantong Economic and Technological Development Zone Chemical Park
  Management Office
2.Nantong Nengda Yanjiang Science and Technology Park Development Co., Ltd.
The aforementioned companies have no relationship with the company
5.Where the trading counterparty is a related party, announcement shall also
be made of the reason for choosing the related party as trading counterparty
and the identity of the previous owner, its relationship with the Company
and the trading counterparty, and the previous date and monetary amount of
transfer:NA
6.Where an owner of the underlying assets within the past five years has
been a related party of the Company, the announcement shall also include the
date and price of acquisition and disposal by the related party, and its
relationship with the Company at the time of the transaction:NA
7.Projected gain (or loss) through disposal (not applicable for
acquisition of assets; those with deferral should provide a table
explaining recognition):
Projected gains (or loss) of the transaction is unable to be fixed now, as
various cost associated with the relocation is yet unknown.
8.Terms of delivery or payment (including payment period and
monetary amount), restrictive covenants in the contract,
and other important terms and conditions:
(1) Payment terms: pursuant to the agreement
(2) Restrictive covenants: pursuant to the agreement
(3) Other important terms and conditions: None
9.The manner of deciding on this transaction (such as invitation to tender,
price comparison, or price negotiation), the reference basis for the
decision on price, and the decision-making unit:
(1) Manner of deciding on this transaction: Price negotiation
(2) Reference basis for the decision on price: Appraisal report
(3) Decision-making unit: Shen Hua��s Board of Directors
10.Name of the professional appraisal firm or company and
its appraisal price:
Jiangsu Zhonglian Land Real Estate Asset Appraisal and Cost Co., Ltd.
Estimated amount: RMB 479,676,654.13
11.Name of the professional appraiser:
1.Chen Fei
2. Yang Qun
12.Practice certificate number of the professional appraiser:
1. Chen Fei (Registration Number: 3220200046)
2. Yang Qun (Registration Number: 3220120117)
13.The appraisal report has a limited price, specific price,
or special price:NA
14.An appraisal report has not yet been obtained:No
15.Reason for an appraisal report not being obtained:NA
16.Reason for any significant discrepancy with the appraisal reports
and opinion of the CPA:NA
17.Name of the CPA firm:NA
18.Name of the CPA:NA
19.Practice certificate number of the CPA:NA
20.Broker and broker's fee:NA
21.Concrete purpose or use of the acquisition or disposal:
In compliance with the directive of ��the transformation and relocation
project��
22.Any dissenting opinions of directors to the present transaction:None
23.Whether the counterparty of the current transaction is a
related party:No
24.Date of the board of directors resolution:NA
25.Date of ratification by supervisors or approval by
the audit committee:NA
26.The transaction is to acquire a real property or right-of-use
asset from a related party:No
27.The price assessed in accordance with the Article 16 of the
Regulations Governing the Acquisition and Disposal of Assets
by Public Companies:NA
28.Where the above assessed price is lower than the transaction price,
the price assessed in accordance with the Article 17 of the same
regulations:NA
29.Any other matters that need to be specified:None