KAISUN HOLDINGS LIMITED 凱順控股有限公司* （於開曼群島註冊成立之有限公司） 股份代號 : 8203 2019年新型冠狀病毒 2023 INTERIM REPORT * For identification purpose only COVID-19 INTERIM REPORT 2023 中期業績報告 2023 中期業績報告 * 僅供識別 (Incorporated in the Cayman Islands with limited liability) Stock Code : 8203 KAISUN HOLDINGS LIMITED 凱順控股有限公司* KAISUN HOLDINGS LIMITED 凱順控股有限公 司 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市 的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券 承受較大的市場波動風險，同時無法保證在G ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二三年六月三十日止六個月 中期業績公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二三年六月三十日止六個月之未經審核簡明綜合財務業績。本公告 列載本公司二零二三年中期業績報告全文，乃符合香港聯合交易所有限公司GEM （「GEM」）證券上市規則（「GEM上市規則」）中有關中期業績初步公告附載的資料之相關 要求。 承董事會命 凱順控股有限公司 主席 陳立基 ...

KAISUN HOLDINGS LIMITED 凱順控股有限公司* （於開曼群島註冊成立之有限公司） 股份代號 : 8203 2019年新型冠狀病毒 2023 第一季度業績報告 * 僅供識別 (Incorporated in the Cayman Islands with limited liability) Stock Code : 8203 KAISUN HOLDINGS LIMITED 凱順控股有限公司* 2023 FIRST QUARTERLY REPORT * For identification purpose only COVID-19 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在聯交所上市 的公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經 過審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能會較於主板買賣之證券 承受較大的市場波動風險，同時無法保證在GEM買賣的證券會有高流通量的市場。 凱順控股有限公司 2 二零二三年第一季度業績報告 未經審核簡明綜合 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二三年三月三十一日止 第一季度業績公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二三年三月三十一日止三個月之未經審核簡明綜合財務業績。本公 告列載本公司二零二三年第一季度報告全文，乃符合香港聯合交易所有限公司GEM （「GEM」）證券上市規則（「GEM上市規則」）中有關第一季度業績初步公告附載的資料之 相關要求。 承董事會命 凱順控股有限公司 主席 陳立基 ...

Financial Performance - The company's revenue for 2022 was HKD 266,685,000, a significant increase of 70.6% compared to HKD 156,576,000 in 2021[8] - The company reported a loss before tax of HKD 23,410,000 for 2022, an improvement from a loss of HKD 68,586,000 in 2021[8] - Total assets increased to HKD 531,731,000 in 2022, up from HKD 368,389,000 in 2021, reflecting a growth of 44.3%[9] - Total liabilities rose to HKD 532,572,000 in 2022, compared to HKD 337,630,000 in 2021, indicating an increase of 57.7%[9] - The group's revenue for the year ended December 31, 2022, was approximately HKD 267 million, an increase of 70.3% compared to HKD 157 million in the same period last year[61] - Gross profit for the year ended December 31, 2022, increased by approximately 58.6% to about HKD 11.1 million, up from HKD 7 million in 2021[61] - Investment and other income for the year ended December 31, 2022, was approximately HKD 30.1 million, significantly up from HKD 0.6 million in 2021[61] - Other income for the year ended December 31, 2022, was approximately HKD 26.2 million, a substantial increase from HKD 7.1 million in 2021[61] - The group recorded a loss of approximately HKD 19.9 million for the year, an improvement from a loss of HKD 71.3 million in 2021[63] - The comprehensive loss attributable to owners of the company for the year ended December 31, 2022, was approximately HKD 28.6 million, compared to a loss of HKD 63.2 million in 2021[64] Economic Outlook - The overall economic outlook remains challenging, with the government announcing the lowest GDP growth target in a decade, impacting future business strategies[13] - The global economic growth is expected to slow from 6% in 2021 to 3.2% in 2022 and further to 2.7% in 2023[18] - China's GDP is projected to decrease to 2.7% in 2022 but is expected to recover to 4.3% in 2023 following the lifting of pandemic restrictions[18] - Hong Kong's economic growth forecast has been revised down from -0.5% to -3.2% due to global recession impacts and prolonged border restrictions[18] Business Strategy and Operations - The company plans to enhance its clean mining operations in Turpan to improve profitability while continuing to explore green energy solutions[13] - The company aims to rebuild its Belt and Road initiatives, focusing on asset management in Eurasia, despite setbacks in previous years[12] - The company is committed to improving environmental efficiency in its traditional energy business while maintaining coal operations[13] - The company emphasizes the importance of business diversification, which has proven resilient during crises[19] - The management aims to steadily improve performance in 2023, benefiting from the anticipated gradual economic recovery in China[20] - The company is actively seeking potential partners to expand its business segments and increase local market share[31] Coal Industry Insights - The coal production in China reached 4.5 billion tons in 2022, a year-on-year increase of 9%[23] - The railway sector completed a cargo dispatch volume of 3.9 billion tons in 2022, a 4.7% increase year-on-year, with thermal coal accounting for 1.49 billion tons, up 13%[27] - The company anticipates that the demand for coal machinery will rise as the economy recovers, boosting Tengzhou Kaiyuan's business volume[23] - In 2022, Xinjiang's raw coal production reached 400 million tons, a year-on-year increase of 25%, with coal transportation reaching 80 million tons, nearly doubling from the previous year[38] - Mongolia's coal export volume in 2022 was 31.69 million tons, a year-on-year increase of 101.72%, with exports to China accounting for 94% of the total[44] Environmental Initiatives - The company plans to enhance its environmental protection facilities in the first quarter and complete the construction of a third large shed by the fourth quarter to improve work environment quality[31] - The introduction of container transportation for coal in the third quarter aims to reduce pollution and provide customers with more transportation options[31] - The company aims to start operations of the third eco-greenhouse in Q1 2023 to reduce environmental impact while expanding its customer base[49] Shareholder and Governance Matters - The company has complied with most of the corporate governance code provisions as per GEM listing rules[171] - The company appointed Chen Zhenlang and Cheng Ketong as co-CEOs to enhance management succession and governance[198] - Major shareholders include Chen Libo with 167,263,298 shares (29.01%) and Zhang Xiongfeng with 81,950,000 shares (14.21%) as of December 31, 2022[167] - The remuneration of directors will be determined by the board based on their responsibilities, performance, and the group's results[159] Financial Management and Compliance - The company has committed to improving internal compliance procedures to ensure adherence to the listing rules for future transactions[109] - The company has not engaged in any significant investments or acquisitions during the reporting period[88] - The company reported no dividends for the fiscal year ending December 31, 2022, consistent with the previous year[132] - The company's available reserves as of December 31, 2022, amounted to zero HKD, unchanged from the previous year[140]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告之內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因倚賴該等內容而引致之任何損失承擔任何責任。 KAISUN HOLDINGS LIMITED 凱 順 控 股 有 限 公 司 * （於開曼群島註冊成立之有限公司） （股份代號：8203） 一帶一路參與者 截至二零二二年十二月三十一日止年度之 經審核全年業績之公告 凱順控股有限公司（「本公司」）董事（「董事」）會（「董事會」）欣然宣佈本公司及其附屬公司 （「本集團」）截至二零二二年十二月三十一日止年度之經審核綜合財務業績。本公告列載 本公司二零二二年年度報告全文，乃符合香港聯合交易所有限公司GEM（「GEM」）證券 上市規則（「GEM上市規則」）中有關年度業績初步公告附載的資料之相關要求。 承董事會命 凱順控股有限公司 主席 陳立基 香港，二零二三年三月三十一日 ...

KAISUN HOLDINGS LIMITED 凱順控股有限公司* (Incorporated in the Cayman Islands with limited liability) Stock Code : 8203 3 YEARS ON WE ARE STILL SUFFERING FROM THE COVID LOCK DOWN KAISUN HOLDINGS LIMITED 凱順控股有限公司* （於開曼群島註冊成立之有限公司） 股份代號 : 8203 三年了 我們仍然繼續被 新冠疫情帶來封城封區之苦 2019年新型冠狀病毒 * 僅供識別 * For identification purpose only 2022 THIRD QUARTERLY REPORT COVID-19 2022第三季度業績報告 香港聯合交易所有限公司（「聯交所」）GEM之特色 GEM的定位，乃為中小型公司提供一個上市的市場，此等公司相比起其他在主板上市的 公司帶有較高投資風險。有意投資的人士應了解投資於該等公司的潛在風險，並應經過 審慎周詳的考慮後方作出投資決定。 由於GEM上市公司普遍為中小型公司，在GEM買賣的證券可能 ...

Financial Performance - For the six months ended June 30, 2022, the company reported revenue of HKD 131,336 thousand, an increase from HKD 120,627 thousand in the same period last year, representing a growth of approximately 8.9%[11] - The gross profit for the six months ended June 30, 2022, was HKD 10,709 thousand, compared to HKD 5,384 thousand in the previous year, indicating a significant increase of 98.5%[11] - The net profit attributable to owners of the company for the six months was HKD 13,760 thousand, a recovery from a loss of HKD 19,990 thousand in the same period last year[11] - The company reported a basic earnings per share of HKD 2.39 for the six months ended June 30, 2022, compared to a loss per share of HKD 3.47 in the previous year[11] - Total comprehensive income for the six months was HKD 9,040 thousand, a recovery from a loss of HKD 19,316 thousand in the same period last year[13] - Total revenue for the six months ended June 30, 2022, was HKD 131,336,000, compared to HKD 46,606,000 for the same period in 2021, representing an increase of 182%[31] - The group's gross profit for the same period was approximately HKD 10.7 million, up about 98% from HKD 5.4 million in the previous year[112] - The group's operating profit for the six months ended June 30, 2022, was approximately HKD 19.2 million, compared to an operating loss of HKD 20.9 million for the same period in 2021[112] - Total comprehensive income for the six months ended June 30, 2022, was approximately HKD 14.8 million, reversing a loss of HKD 22 million in the previous year[113] - The profit attributable to owners of the company was approximately HKD 9.2 million, compared to a loss of HKD 17.6 million for the same period in 2021[114] Assets and Liabilities - As of June 30, 2022, the company's total assets amounted to HKD 460,515 thousand, a decrease from HKD 368,389 thousand at the end of the previous year[15] - As of June 30, 2022, the company's current liabilities totaled HKD 377,865,000, an increase from HKD 294,968,000 as of December 31, 2021, representing a 28% increase[16] - The net current liabilities improved to HKD (162,922,000) from HKD (182,157,000) year-over-year, indicating a reduction of approximately 10%[16] - The total assets minus current liabilities stood at HKD 82,650,000, up from HKD 73,421,000, reflecting a growth of about 12%[16] - The company's net assets increased to HKD 42,824,000 from HKD 30,759,000, marking a significant rise of approximately 39%[16] - The total assets of the company as of June 30, 2022, amounted to HKD 460,515,000, while total liabilities were HKD 417,691,000[38] - The net current liabilities of the group were approximately HKD 162.9 million as of June 30, 2022, indicating ongoing concerns regarding the group's ability to continue as a going concern[118] Cash Flow and Investments - Cash generated from operating activities for the six months ended June 30, 2022, was HKD 5,064,000, slightly down from HKD 5,486,000 in the previous year[21] - The net cash used in investing activities was HKD (10,416,000), compared to HKD (35,000) in the prior year, indicating a substantial increase in investment outflows[21] - The company reported a net cash inflow from financing activities of HKD 1,955,000, a turnaround from a net outflow of HKD (1,291,000) in the previous year[21] - The total cash and cash equivalents decreased to HKD 4,758,000 from HKD 29,646,000, reflecting a decline of approximately 84%[21] - The group engaged in negotiations with creditors, resulting in the transfer of approximately HKD 29.98 million in receivables to offset the same amount in debt, improving liquidity[123] Market and Business Development - The company plans to continue exploring new markets and enhancing its product offerings to drive future growth[11] - The company has resumed its overseas esports business with the official restart of the Women's Esports Carnival global tour in 2022[70] - The company is actively pursuing the application for a 1.2 million ton mining license, with approval expected by the end of the year[86] - The company is committed to enhancing its production capabilities in mining and metallurgical machinery through its subsidiary Tengzhou Kaiyuan, which has obtained 50 safety certification marks for mining products[72] - The company is expanding its customer base by exploring various e-commerce sales channels and continuing to develop its tea segment[96] - The esports segment has resumed its global tour, with events planned in multiple countries to enhance brand visibility and attract sponsorships[108] Corporate Governance - The board has established several committees, including the Audit Committee, Remuneration Committee, and Nomination and Corporate Governance Committee, primarily composed of independent non-executive directors[142] - The company emphasizes good corporate governance principles to achieve sound management and enhance shareholder value[142] - The Audit Committee consists of three independent non-executive directors, with Mr. Liu Ruiyuan as the chairman[145] - The Audit Committee reviewed the unaudited interim results for the six months ended June 30, 2022, and confirmed compliance with applicable accounting standards and legal requirements[145] - The Board has reviewed the effectiveness of the Group's risk management and internal control systems for the six months ended June 30, 2022, and deemed them effective and appropriate[148] Employee and Operational Metrics - The company reported a total of HKD 11,611,000 in employee costs for the six months ended June 30, 2022[38] - The total employee costs for the six months ended June 30, 2022, were approximately HKD 11.6 million, unchanged from the same period in 2021[121] - The group employed 119 staff as of June 30, 2022, an increase from 116 as of December 31, 2021, indicating a slight growth in workforce[121] Economic and Industry Context - The company reported that the global economic recovery is challenged by the ongoing Russia-Ukraine conflict and the impact of COVID-19 restrictions in China, with a projected economic growth slowdown to 4.1% for China in 2022[70] - In the first five months of 2022, China's coal production reached 1.81 billion tons, a year-on-year increase of 10.4%[73] - Xinjiang's coal transportation reached 57.79 million tons in the first half of 2022, a year-on-year increase of 30.5%[85] - Mongolia's coal exports to China reached 2.103 million tons in June 2022, a year-on-year increase of 224.2%[90] Shareholder Information - The company reported a total of 167,263,298 shares held by Mr. Chen Li-chi, representing approximately 29.01% of the total issued shares[130] - Major shareholder Mr. Zhang Xiong-feng holds 81,950,000 shares, accounting for about 14.21% of the total issued shares[134] - The 2016 Share Award Plan currently holds a total of 13,610,000 shares as of June 30, 2022[137] - The company plans to adopt a new share award plan to replace the 2016 Share Award Plan[138]

Financial Performance - Total revenue for 2021 was HKD 156,576,000, a significant increase from HKD 35,958,000 in 2020, representing a growth of approximately 335%[11] - The company reported a loss before tax of HKD 68,586,000 in 2021, slightly improved from a loss of HKD 69,705,000 in 2020[11] - The group’s revenue for the year ended December 31, 2021, was approximately HKD 156 million, an increase of about 340% compared to HKD 36 million in the same period last year[60] - The group’s gross profit decreased by approximately 48% to about HKD 7 million, down from HKD 13.4 million in 2020[60] - The group reported a loss of approximately HKD 71.3 million for the year, compared to a loss of HKD 64.3 million in 2020[63] - The total comprehensive loss attributable to the company's owners was approximately HKD 63.2 million, compared to a loss of HKD 50.3 million in 2020[64] - Revenue for the year 2021 was HKD 84,796,000, a decrease of 39.7% compared to HKD 140,464,000 in 2020[91] - The loss before tax for 2021 was HKD (18,201,000), compared to a profit of HKD 62,791,000 in 2020[91] Assets and Liabilities - Total assets increased to HKD 368,389,000 in 2021 from HKD 353,790,000 in 2020, reflecting a growth of about 4.5%[11] - Total liabilities rose to HKD 337,630,000 in 2021, up from HKD 255,690,000 in 2020, indicating an increase of approximately 32%[11] - The company's equity attributable to owners decreased to HKD 11,789,000 in 2021 from HKD 75,151,000 in 2020, a decline of about 84%[11] - As of December 31, 2021, the group held cash and bank balances of approximately HKD 8.3 million, down from HKD 10.4 million in 2020[78] - The group's net current liabilities were approximately HKD 182.2 million, indicating ongoing concerns regarding the group's ability to continue as a going concern[78] Business Strategy and Operations - The company decided to withdraw from its "Belt and Road" initiatives in Central Asia and the UK, refocusing its business strategy on mainland China due to the impact of COVID-19[13] - The company is exploring new strategies to adapt to the ongoing pandemic and its effects on international business operations[13] - The management remains cautious about future performance due to the uncertainties surrounding COVID-19 variants and their impact on the global economy[12] - The group has been investing in countries along the "Belt and Road" initiative since 2013, with operations in Tajikistan, Vietnam, Mongolia, and the UK, but faced significant challenges due to the pandemic, leading to the closure of most overseas operations[14] - In 2021, the group relocated its Hong Kong headquarters to a more economical office to control administrative expenses, reflecting the increased operational challenges due to the pandemic[15] Market Conditions - The global economic recovery faced challenges from supply chain disruptions and inflation pressures, affecting the company's operations[12] - The International Monetary Fund projected a decline in global economic growth from 5.9% in 2021 to 4.4% in 2022, indicating a challenging economic environment ahead[12] Environmental and Social Governance (ESG) - As of August 19, 2021, 2,418 out of 2,579 listed companies on the Hong Kong Stock Exchange had disclosed ESG information, representing 93.8% compliance, despite the increased pressure on companies to meet these requirements[16] - The company is enhancing its environmental standards by constructing more greenhouses and improving platform infrastructure[26] - The group's traditional coal mining and machinery assembly businesses remain core, with efforts to comply with global ESG standards[77] Employee and Management - Total employee costs, including directors' remuneration, were approximately HKD 25.7 million for the year, compared to HKD 23.8 million in 2020, reflecting a 7.99% increase[83] - The group employed 116 staff members as of December 31, 2021, a slight decrease from 117 in 2020[82] - The company appointed Mr. Peng Yiqian as the Chief Financial Officer and Company Secretary effective April 26, 2021[193] - The remuneration committee approved salary increases and bonuses for executive directors and senior management, although the executives did not participate in decisions regarding their own remuneration[198] Corporate Governance - The company has complied with most of the corporate governance code provisions as per GEM Listing Rules Appendix 15 for the year ending December 31, 2021[158] - The governance structure includes an audit committee, nomination and governance committee, and a remuneration committee to oversee financial reporting and risk management[168] - The board consists of five members, including two executive directors and three independent non-executive directors, ensuring a diverse range of expertise[181] - The company emphasizes the separation of roles between the chairman and the CEO to ensure effective governance[188] Future Outlook - The management remains optimistic about recovering trade receivables and loans to U-Power Energy due to the recent increase in coal prices, which is expected to enhance asset values[106] - The company expressed optimism regarding the future development of 天臣 following the acquisition[96] - The company plans to enhance internal controls and compliance procedures to avoid future disclosure delays[100] Miscellaneous - The group has not recommended the payment of dividends for the year ending December 31, 2021[120] - The company reported zero charitable donations for the fiscal year ending December 31, 2021, consistent with the previous year[124] - The company has established a pension plan in accordance with the Mandatory Provident Fund legislation, contributing 5% of eligible employees' salaries, with a maximum monthly contribution of 1,500 HKD per employee[134]

Financial Performance - For the three months ended March 31, 2022, the company reported revenue of HKD 86,832 thousand, an increase from HKD 21,619 thousand in the same period last year, representing a growth of 302%[9] - The gross profit for the same period was HKD 6,940 thousand, compared to HKD 3,745 thousand in the previous year, indicating an increase of 85%[9] - The operating loss for the quarter was HKD 17,206 thousand, worsening from a loss of HKD 7,100 thousand in the prior year, reflecting a deterioration of 142%[9] - The loss attributable to owners of the company was HKD 15,996 thousand, compared to HKD 6,887 thousand in the same quarter last year, representing an increase of 132%[9] - The basic loss per share for the quarter was HKD 2.77, compared to HKD 1.19 in the previous year, indicating a decline of 133%[9] - The total comprehensive loss for the period was HKD 16,967 thousand, compared to HKD 6,834 thousand in the same period last year, reflecting an increase of 148%[10] - The company reported a fair value loss on financial assets of HKD 5,478 thousand, compared to a gain of HKD 1,581 thousand in the previous year, indicating a significant decline[9] - The company’s financing costs for the quarter were HKD 1,681 thousand, up from HKD 1,290 thousand in the same period last year, representing an increase of 30%[9] Operational Overview - The company is primarily engaged in coal mining, consulting, media, and corporate investment businesses, indicating a diversified operational focus[16] - The group operates three reportable segments: coal mining, consulting and media services, and corporate and investment services, each requiring distinct technology and marketing strategies[24] - Revenue from external customers for the coal mining segment was HKD 85,720,000, while the consulting and media services segment generated HKD 992,000, and the corporate and investment segment contributed HKD 120,000, totaling HKD 86,832,000[25] - Employee costs for the first quarter of 2022 totaled HKD 5,845,000, compared to HKD 5,350,000 in the previous year, showing an increase in operational expenses[25] Financial Stability and Concerns - The group reported a loss of approximately HKD 17,653,000 for the year ending March 31, 2022, indicating significant uncertainty regarding its ability to continue as a going concern[17] - As of December 31, 2022, the group had a net current liability of approximately HKD 182,157,000, raising concerns about its financial stability[17] - The group is considering future financing actions to address its ongoing concerns regarding liquidity and debt repayment schedules[86] - The net current liabilities of the group were approximately HKD 182.2 million as of December 31, 2021, indicating ongoing concerns regarding the group's ability to continue as a going concern[86] Market and Industry Insights - The coal import volume in China for Q1 2022 was 51.81 million tons, a decrease of 24.2% year-on-year, while domestic coal production rose to 108.4 million tons, an increase of 10.3%[43] - The coal mining focus in China is gradually shifting to Xinjiang, supported by national policies and increasing coal and electricity demand in the region[53] - The group anticipates that the Mongolian coal industry will gradually return to normal as the pandemic situation improves, with increased coal imports benefiting the logistics center in Joyil[59] Corporate Governance - The board of directors has established an audit committee, a remuneration committee, and a nomination and corporate governance committee, all primarily composed of independent non-executive directors[103] - The company has maintained compliance with the corporate governance code during the three months ended March 31, 2022[106] - The audit committee reviewed the unaudited first-quarter results for the period ended March 31, 2022, and found them to comply with applicable accounting standards and legal requirements[105] Future Outlook - The group anticipates sufficient operating cash flow due to the gradual recovery of normal business activities as the COVID-19 pandemic subsides[18] - Ongoing discussions with creditors regarding debt repayment extensions are expected to yield positive results, contributing to the group's financial outlook[18] - The group plans to increase annual coal storage and trading volumes, enhancing supply chain management services in Shandong[66] - The group is preparing for the preliminary application of a mining license for 1.2 million tons, expecting to reach the final approval stage within the year[68]