Reported Earnings • May 20
First quarter 2026 earnings released: EPS: NT$0.20 (vs NT$0.33 in 1Q 2025) First quarter 2026 results: EPS: NT$0.20 (down from NT$0.33 in 1Q 2025). Revenue: NT$943.9m (up 2.8% from 1Q 2025). Net income: NT$22.8m (down 40% from 1Q 2025). Profit margin: 2.4% (down from 4.1% in 1Q 2025). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 17% per year and the company’s share price has also increased by 17% per year. New Risk • Apr 24
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 9.0% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (9.0% average weekly change). Profit margins are more than 30% lower than last year (2.4% net profit margin). Market cap is less than US$100m (NT$3.13b market cap, or US$99.4m). Valuation Update With 7 Day Price Move • Apr 15
Investor sentiment improves as stock rises 21% After last week's 21% share price gain to NT$22.15, the stock trades at a trailing P/E ratio of 29.8x. Average trailing P/E is 29x in the Chemicals industry in Taiwan. Total returns to shareholders of 68% over the past three years. Buy Or Sell Opportunity • Mar 20
Now 20% undervalued Over the last 90 days, the stock has risen 17% to NT$16.75. The fair value is estimated to be NT$21.04, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 33%. Reported Earnings • Mar 14
Full year 2025 earnings released: EPS: NT$0.74 (vs NT$1.50 in FY 2024) Full year 2025 results: EPS: NT$0.74 (down from NT$1.50 in FY 2024). Revenue: NT$3.59b (down 2.3% from FY 2024). Net income: NT$85.1m (down 47% from FY 2024). Profit margin: 2.4% (down from 4.4% in FY 2024). Over the last 3 years on average, earnings per share has increased by 33% per year but the company’s share price has only increased by 3% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 13
Tex Year Industries Inc., Annual General Meeting, May 29, 2026 Tex Year Industries Inc., Annual General Meeting, May 29, 2026. Location: 4 floor no,9, wu ch`uan 6th rd., wugu district, new taipei city Taiwan Buy Or Sell Opportunity • Feb 05
Now 20% undervalued Over the last 90 days, the stock has risen 16% to NT$16.10. The fair value is estimated to be NT$20.20, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has been flat over the last 3 years. Earnings per share has grown by 45%. Valuation Update With 7 Day Price Move • Jan 05
Investor sentiment improves as stock rises 20% After last week's 20% share price gain to NT$18.25, the stock trades at a trailing P/E ratio of 22.2x. Average trailing P/E is 22x in the Chemicals industry in Taiwan. Total returns to shareholders of 44% over the past three years. Reported Earnings • Nov 18
Third quarter 2025 earnings released: EPS: NT$0.24 (vs NT$0.40 in 3Q 2024) Third quarter 2025 results: EPS: NT$0.24 (down from NT$0.40 in 3Q 2024). Revenue: NT$874.3m (down 6.6% from 3Q 2024). Net income: NT$26.9m (down 39% from 3Q 2024). Profit margin: 3.1% (down from 4.7% in 3Q 2024). The decrease in margin was driven by lower revenue. Over the last 3 years on average, earnings per share has increased by 45% per year but the company’s share price has fallen by 1% per year, which means it is significantly lagging earnings. Reported Earnings • Aug 15
Second quarter 2025 earnings released: NT$0.02 loss per share (vs NT$0.32 profit in 2Q 2024) Second quarter 2025 results: NT$0.02 loss per share (down from NT$0.32 profit in 2Q 2024). Revenue: NT$864.1m (down 4.2% from 2Q 2024). Net loss: NT$1.94m (down 106% from profit in 2Q 2024). Over the last 3 years on average, earnings per share has increased by 57% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Upcoming Dividend • Jul 02
Upcoming dividend of NT$1.00 per share Eligible shareholders must have bought the stock before 09 July 2025. Payment date: 08 August 2025. Payout ratio is on the higher end at 75%, and the cash payout ratio is above 100%. Trailing yield: 6.1%. Within top quartile of Taiwanese dividend payers (5.3%). Higher than average of industry peers (3.1%). Reported Earnings • May 15
First quarter 2025 earnings released: EPS: NT$0.33 (vs NT$0.51 in 1Q 2024) First quarter 2025 results: EPS: NT$0.33 (down from NT$0.51 in 1Q 2024). Revenue: NT$918.1m (up 6.6% from 1Q 2024). Net income: NT$38.0m (down 28% from 1Q 2024). Profit margin: 4.1% (down from 6.1% in 1Q 2024). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 65% per year but the company’s share price has only increased by 5% per year, which means it is significantly lagging earnings growth. Duyuru • May 06
Tex Year Industries Inc. to Report Q1, 2025 Results on May 13, 2025 Tex Year Industries Inc. announced that they will report Q1, 2025 results on May 13, 2025 Valuation Update With 7 Day Price Move • Apr 08
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to NT$16.10, the stock trades at a trailing P/E ratio of 11.4x. Average trailing P/E is 18x in the Chemicals industry in Taiwan. Total returns to shareholders of 9.7% over the past three years. Reported Earnings • Mar 28
Full year 2024 earnings released: EPS: NT$1.50 (vs NT$0.74 in FY 2023) Full year 2024 results: EPS: NT$1.50 (up from NT$0.74 in FY 2023). Revenue: NT$3.68b (up 11% from FY 2023). Net income: NT$161.0m (up 111% from FY 2023). Profit margin: 4.4% (up from 2.3% in FY 2023). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 68% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Duyuru • Mar 14
Tex Year Industries Inc., Annual General Meeting, May 29, 2025 Tex Year Industries Inc., Annual General Meeting, May 29, 2025, at 09:30 Taipei Standard Time. Location: 4 floor no,9, wu ch`uan 6th rd., wugu district, new taipei city Taiwan Duyuru • Mar 05
Tex Year Industries Inc. to Report Fiscal Year 2024 Results on Mar 12, 2025 Tex Year Industries Inc. announced that they will report fiscal year 2024 results on Mar 12, 2025 Reported Earnings • Nov 19
Third quarter 2024 earnings released: EPS: NT$0.40 (vs NT$0.66 in 3Q 2023) Third quarter 2024 results: EPS: NT$0.40 (down from NT$0.66 in 3Q 2023). Revenue: NT$936.3m (up 11% from 3Q 2023). Net income: NT$43.7m (down 36% from 3Q 2023). Profit margin: 4.7% (down from 8.1% in 3Q 2023). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 61% per year but the company’s share price has only increased by 12% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 07
Tex Year Industries Inc. to Report Q3, 2024 Results on Nov 14, 2024 Tex Year Industries Inc. announced that they will report Q3, 2024 results on Nov 14, 2024 New Risk • Sep 20
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 2.8% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Shareholders have been diluted in the past year (2.8% increase in shares outstanding). Market cap is less than US$100m (NT$2.17b market cap, or US$67.8m). Reported Earnings • Aug 17
Second quarter 2024 earnings released: EPS: NT$0.32 (vs NT$0.14 in 2Q 2023) Second quarter 2024 results: EPS: NT$0.32 (up from NT$0.14 in 2Q 2023). Revenue: NT$901.6m (up 8.2% from 2Q 2023). Net income: NT$33.6m (up 139% from 2Q 2023). Profit margin: 3.7% (up from 1.7% in 2Q 2023). Over the last 3 years on average, earnings per share has increased by 44% per year but the company’s share price has only increased by 18% per year, which means it is significantly lagging earnings growth. Duyuru • Aug 03
Tex Year Industries Inc. to Report Q2, 2024 Results on Aug 12, 2024 Tex Year Industries Inc. announced that they will report Q2, 2024 results on Aug 12, 2024 Upcoming Dividend • Jul 18
Upcoming dividend of NT$0.54 per share Eligible shareholders must have bought the stock before 25 July 2024. Payment date: 21 August 2024. Payout ratio is a comfortable 43% and this is well supported by cash flows. Trailing yield: 2.1%. Lower than top quartile of Taiwanese dividend payers (4.2%). In line with average of industry peers (2.2%). Valuation Update With 7 Day Price Move • Jul 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to NT$23.45, the stock trades at a trailing P/E ratio of 18.7x. Average trailing P/E is 24x in the Chemicals industry in Taiwan. Total returns to shareholders of 68% over the past three years. Declared Dividend • Jun 28
Dividend increased to NT$0.55 Dividend of NT$0.55 is 175% higher than last year. Ex-date: 25th July 2024 Payment date: 21st August 2024 Dividend yield will be 2.7%, which is lower than the industry average of 4.0%. Sustainability & Growth Dividend is well covered by both earnings (44% earnings payout ratio) and cash flows (20% cash payout ratio). The dividend has increased over the past 10 years. However, payments have been volatile during that time. Earnings per share has grown by 24% over the last 5 years. Unless this trend reverses, it should provide support to the dividend and adequate earnings cover. Duyuru • Jun 27
Tex Year Industries Inc Approves the Dividend, Payable on August 21, 2024 Tex Year Industries Inc. at its board of directors or shareholders meeting held on June 26, 2024, approved the dividend TWD 57,139,020 in total; TWD 0.55 per share. Ex-rights (ex-dividend) trading date: July 25, 2024. Ex-rights (ex-dividend) record date: July 31, 2024. Payment date of cash dividend distribution: August 21, 2024. Reported Earnings • May 19
First quarter 2024 earnings released: EPS: NT$0.51 (vs NT$0.015 loss in 1Q 2023) First quarter 2024 results: EPS: NT$0.51 (up from NT$0.015 loss in 1Q 2023). Revenue: NT$861.4m (up 14% from 1Q 2023). Net income: NT$52.6m (up NT$54.1m from 1Q 2023). Profit margin: 6.1% (up from net loss in 1Q 2023). Over the last 3 years on average, earnings per share has increased by 9% per year whereas the company’s share price has increased by 10% per year. Duyuru • May 10
Tex Year Industries Inc. to Report Q1, 2024 Results on May 13, 2024 Tex Year Industries Inc. announced that they will report Q1, 2024 results on May 13, 2024 New Risk • Apr 11
New minor risk - Dividend sustainability The company has an unstable dividend paying track record. The dividend has had an annual drop of over 20% in the past. Dividend yield: 3.4% This is considered a minor risk. If the company has cut or reduced its dividend in the past, it may be a sign that the underlying business is too cyclical to consistently maintain or grow the dividend over the long-term. It may also indicate the company prioritizes other outcomes instead of maintaining the dividend. For dividend paying companies, any reduction in the dividend can significantly impact the share price. Currently, the following risks have been identified for the company: Minor Risks Unstable dividend paying track record with dividend experiencing an annual drop of over 20% in the past. Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.67b market cap, or US$51.8m). Reported Earnings • Apr 03
Full year 2023 earnings released: EPS: NT$0.74 (vs NT$0.20 in FY 2022) Full year 2023 results: EPS: NT$0.74 (up from NT$0.20 in FY 2022). Revenue: NT$3.31b (down 9.4% from FY 2022). Net income: NT$76.5m (up 278% from FY 2022). Profit margin: 2.3% (up from 0.6% in FY 2022). Over the last 3 years on average, earnings per share has fallen by 19% per year but the company’s share price has only fallen by 4% per year, which means it has not declined as severely as earnings. Duyuru • Mar 16
Tex Year Industries Inc., Annual General Meeting, Jun 24, 2024 Tex Year Industries Inc., Annual General Meeting, Jun 24, 2024. Location: 4F,No. 9, Wuquan 6th Rd. Wugu Dist., New Taipei City Taiwan Agenda: To consider 2023 Business Report; to consider Audit Committee's review of the 2023 annual final accounting books and statements; to consider Report of 2023 Employees and Directors Compensation; to consider Report on the Implementation of Domestic Convertible Bonds Issued in 2019; to consider Amendment to Rules and Procedures of Board of Directors Meetings; to consider the report on the 2023 cash dividend distribution; and to consider other related matters. New Risk • Mar 02
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Taiwanese stocks, typically moving 5.6% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (5.6% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.81b market cap, or US$57.3m). Valuation Update With 7 Day Price Move • Feb 19
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to NT$17.15, the stock trades at a trailing P/E ratio of 22.8x. Average trailing P/E is 23x in the Chemicals industry in Taiwan. Total returns to shareholders of 16% over the past three years. New Risk • Nov 23
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 112% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 0.8% per year over the past 5 years. Minor Risks Large one-off items impacting financial results. Market cap is less than US$100m (NT$1.57b market cap, or US$49.7m). Reported Earnings • Aug 17
Second quarter 2023 earnings released: EPS: NT$0.14 (vs NT$0.02 loss in 2Q 2022) Second quarter 2023 results: EPS: NT$0.14 (up from NT$0.02 loss in 2Q 2022). Revenue: NT$833.3m (down 12% from 2Q 2022). Net income: NT$14.0m (up NT$16.1m from 2Q 2022). Profit margin: 1.7% (up from net loss in 2Q 2022). The move to profitability was driven by lower expenses. Over the last 3 years on average, earnings per share has fallen by 38% per year but the company’s share price has increased by 3% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 27
Upcoming dividend of NT$0.20 per share at 1.4% yield Eligible shareholders must have bought the stock before 03 August 2023. Payment date: 30 August 2023. The company is paying out more than 100% of its profits but is generating plenty of cash to support the dividend. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (5.5%). Lower than average of industry peers (3.7%). Duyuru • Jul 07
Tex Year Industries Inc. Announces Dividend, Payable on August 30, 2023 Tex Year Industries Inc. announced dividend TWD 20,751,252 in total; TWD 0.2 per share. Ex-rights (ex-dividend) trading date: August 8, 2023. Ex-rights (ex-dividend) record date: August 9, 2023. Payment date of cash dividend distribution: August 30, 2023. Reported Earnings • Apr 06
Full year 2022 earnings released: EPS: NT$0.20 (vs NT$0.30 in FY 2021) Full year 2022 results: EPS: NT$0.20 (down from NT$0.30 in FY 2021). Revenue: NT$3.66b (up 3.0% from FY 2021). Net income: NT$20.2m (down 30% from FY 2021). Profit margin: 0.6% (down from 0.8% in FY 2021). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has fallen by 15% per year but the company’s share price has increased by 7% per year, which means it is well ahead of earnings. Board Change • Nov 16
Less than half of directors are independent There is 1 new director who has joined the board in the last 3 years. The new board member was not an independent director. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. 2 independent directors (6 non-independent directors). Independent Director Wen-Pin Weng was the last independent director to join the board, commencing their role in 2013. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Insufficient board refreshment. Valuation Update With 7 Day Price Move • Aug 29
Investor sentiment improved over the past week After last week's 22% share price gain to NT$16.95, the stock trades at a trailing P/E ratio of 63.7x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 31% over the past three years. Reported Earnings • Aug 16
Second quarter 2022 earnings released: NT$0.02 loss per share (vs NT$0.025 profit in 2Q 2021) Second quarter 2022 results: NT$0.02 loss per share (down from NT$0.025 profit in 2Q 2021). Revenue: NT$946.6m (up 9.9% from 2Q 2021). Net loss: NT$2.08m (down 184% from profit in 2Q 2021). Over the last 3 years on average, earnings per share has fallen by 7% per year but the company’s share price has increased by 1% per year, which means it is well ahead of earnings. Upcoming Dividend • Jul 25
Upcoming dividend of NT$0.20 per share Eligible shareholders must have bought the stock before 01 August 2022. Payment date: 02 September 2022. Trailing yield: 1.4%. Lower than top quartile of Taiwanese dividend payers (6.6%). Lower than average of industry peers (8.1%). Reported Earnings • May 17
First quarter 2022 earnings: Revenues exceed analysts expectations while EPS lags behind First quarter 2022 results: EPS: NT$0.09 (up from NT$0.065 in 1Q 2021). Revenue: NT$871.5m (up 4.8% from 1Q 2021). Net income: NT$9.33m (up 50% from 1Q 2021). Profit margin: 1.1% (up from 0.7% in 1Q 2021). The increase in margin was driven by higher revenue. Revenue exceeded analyst estimates by 36%. Earnings per share (EPS) missed analyst estimates by 60%. Over the last 3 years on average, earnings per share has increased by 1% per year whereas the company’s share price has increased by 3% per year. Board Change • Apr 27
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Wen-Pin Weng was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Apr 03
Full year 2021 earnings: Revenues exceed analysts expectations while EPS lags behind Full year 2021 results: EPS: NT$0.30 (down from NT$0.74 in FY 2020). Revenue: NT$3.55b (up 12% from FY 2020). Net income: NT$28.9m (down 59% from FY 2020). Profit margin: 0.8% (down from 2.2% in FY 2020). The decrease in margin was driven by higher expenses. Revenue exceeded analyst estimates by 36%. Earnings per share (EPS) missed analyst estimates by 60%. Over the last 3 years on average, earnings per share has increased by 12% per year whereas the company’s share price has increased by 7% per year. Valuation Update With 7 Day Price Move • Feb 11
Investor sentiment improved over the past week After last week's 16% share price gain to NT$17.40, the stock trades at a trailing P/E ratio of 40.5x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 39% over the past three years. Valuation Update With 7 Day Price Move • Jan 03
Investor sentiment improved over the past week After last week's 17% share price gain to NT$17.80, the stock trades at a trailing P/E ratio of 41.4x. Average trailing P/E is 19x in the Chemicals industry in Taiwan. Total returns to shareholders of 41% over the past three years. Reported Earnings • Nov 16
Third quarter 2021 earnings released: EPS NT$0.07 (vs NT$0.40 in 3Q 2020) The company reported a soft third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: NT$879.6m (up 3.2% from 3Q 2020). Net income: NT$6.68m (down 82% from 3Q 2020). Profit margin: 0.8% (down from 4.4% in 3Q 2020). The decrease in margin was driven by higher expenses. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has only increased by 7% per year, which means it is significantly lagging earnings growth. Board Change • Nov 12
Less than half of directors are independent Following the recent departure of a director, there are only 2 independent directors on the board. The company's board is composed of: 2 independent directors. 6 non-independent directors. Independent Director Wen-Pin Weng was the last independent director to join the board, commencing their role in 2013. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Duyuru • Aug 13
Tex Year Vietnam Co., Ltd. Suspends Operation Till August 22 Tex Year Industries Inc. announcement on behalf of subsidiary Tex Year Vietnam Co. Ltd.of complying with local government's pandemic precautions to suspend operation. The Company complied with local government's pandemic precautions to suspend operation till August 22. Reported Earnings • May 18
First quarter 2021 earnings released: EPS NT$0.07 (vs NT$0.13 loss in 1Q 2020) The company reported a strong first quarter result with improved earnings, revenues and profit margins. First quarter 2021 results: Revenue: NT$831.8m (up 36% from 1Q 2020). Net income: NT$6.23m (up NT$17.6m from 1Q 2020). Profit margin: 0.7% (up from net loss in 1Q 2020). The move to profitability was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has only increased by 1% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • May 17
Investor sentiment deteriorated over the past week After last week's 21% share price decline to NT$14.15, the stock trades at a trailing P/E ratio of 18.1x. Average trailing P/E is 16x in the Chemicals industry in Taiwan. Total returns to shareholders of 4.2% over the past three years. Valuation Update With 7 Day Price Move • Apr 09
Investor sentiment improved over the past week After last week's 17% share price gain to NT$18.80, the stock trades at a trailing P/E ratio of 24.1x. Average trailing P/E is 21x in the Chemicals industry in Taiwan. Total returns to shareholders of 32% over the past three years. Reported Earnings • Apr 01
Full year 2020 earnings released: EPS NT$0.78 (vs NT$0.50 in FY 2019) The company reported a decent full year result with improved earnings and profit margins, although revenues were weaker. Full year 2020 results: Revenue: NT$3.16b (down 2.2% from FY 2019). Net income: NT$69.7m (up 58% from FY 2019). Profit margin: 2.2% (up from 1.4% in FY 2019). The increase in margin was driven by lower expenses. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 4% per year, which means it is significantly lagging earnings growth. Duyuru • Nov 14
Tex Year Industries Inc. Appoints Yuchen Yao/Chairman Office Manager as Corporate Governance Officer Tex Year Industries Inc. announced the appointment of Ms. Yuchen Yao/Chairman Office Manager as corporate governance officer. Date of change is November 13, 2020. 
