Panda

The company was approved by the Hunan Provincial People's Government with document Xiang Zheng Han (1999) No. 208, and was established as a joint-stock company through the restructuring of Liuyang Foreign Economic and Trade Firecracker and Fireworks Company, together with Hunan Antai Co., Ltd., Kaida (Hunan) Real Estate Development Co., Ltd., Wei Xianglu, and Xiong Xiaoyong as co-sponsors. Approved by the China Securities Regulatory Commission with document Zheng Jian Fa Xing Zi [2001] No. 49, the company publicly issued 20 million shares on July 31, 2001, and implemented the issuance of 2 million shares from state-owned shares according to the Ministry of Finance's plan. The 22 million RMB ordinary shares issued in this offering were listed and traded on the Shanghai Stock Exchange on August 28, 2001. The company name was changed from "Hunan Panda Fireworks Co., Ltd." to "Panda Fireworks Group Co., Ltd." The company's registered address, office address, and contact telephone number remained unchanged, and the full name of the company after the change came into use on September 17, 2008. In April 2015, the company name was changed from "Panda Fireworks Group Co., Ltd." to "Panda Financial Holding Corp., Ltd." The English name was changed from "Panda Fireworks Group Co.,Ltd." to "Panda Financial Holding Corp.,Ltd.".