Xiwang Sugar Holdings Company Limited (“Xiwang Sugar” or the “Company”) is a Hong Kong listed company (stock code 2088.hk) based in Shandong Province of China. Xiwang is one of the largest cornstarch-processors in China, with 1.5 million tons of corn processing capacity. It is China’s largest producer of crystalline glucose with 800,000 tons of capacity. In addition to glucose and other starch sugars, it also produces corn co-products including corn germ, corn gluten meal, gluten feed, etc. Xiwang was established in 1986 as a cooperative enterprise in Xiwang Village and started corn starch processing in 1989, later moving downstream to produce corn-based glucose. Xiwang was reorganized into a limited liability company in 2001, and after further restructuring was listed on the Main Board of the Hong Kong Stock Exchange in 2005. To further develop its leading position in the corn processing industry and improve its product mix with more value added products, the Company has been building or upgrading capacity for crystalline fructose, pharmaceutical-standard glucose and sodium gluconate. The Company is also building additional corn storage capacity to hedge against price increases (collectively the “Project”).