About HUZHOU GAS Company

According to Frost & Sullivan's report, in 2021, we (i) were the largest pipeline gas distributor in Huzhou, a major prefecture-level city in Zhejiang Province in terms of sales volume, with a market share of 44.1% in Huzhou; and (ii) in terms of sales volume, we were the fifth largest pipeline gas distributor in Zhejiang Province, with a market share of 3.0% in Zhejiang Province. According to Frost & Sullivan's report, Huzhou's natural gas consumption in 2021 accounted for 6.9% and 0.3% of the natural gas consumption of Zhejiang Province and China, respectively. According to the franchise agreement, since 2004 and 2009, we have been the exclusive pipeline gas distributor within the Wuxing business area and the Nanxun business area. Our business area does not necessarily equal the entire legal administrative area of Wuxing District and Nanxun District. During the track record period, our main business included (i) selling gas under franchises, mainly piped natural gas; (ii) providing construction and installation services to build and install end-user pipeline networks and gas facilities for real estate developers and customers such as owners or residents of residential and non-residential properties; and (iii) others, including the sale of household gas appliances.