The Group's operating entity, Jinan Acetate Chemical Co., Ltd. (hereinafter referred to as "Jinan Acetate"), was established in October 1999. Its holding company,
 My Parents Living Technology Limited. (hereinafter referred to as "My Parents Living"), was founded in October 2012 and invested in Jinan Acetate in February 2013. In November 2013, all shareholders of Jinan Acetate, excluding My Parents Living, transferred their entire shareholdings in Jinan Acetate to My Parents Living through a share swap, making My Parents Living the 100% shareholder of Jinan Acetate. These former shareholders of Jinan Acetate then became shareholders of My Parents Living.

Subsequently, Jinan Acetate Chemical Co., Ltd. (Material KY) was incorporated in the Cayman Islands in September 2014. All shareholders of My Parents Living transferred their entire shareholdings in My Parents Living to Material KY through another share swap, making Material KY the 100% shareholder of My Parents Living. The original shareholders of My Parents Living then held shares in Material KY in the same proportion, while My Parents Living remained the 100% shareholder of Jinan Acetate. At this point, the Company completed the restructuring of the Group's structure. Later, for the Group's operational considerations, the Company established a Representative Office in Taiwan in January 2015, which is responsible for maintaining public information.

To expand its operational scale and achieve cost savings and revenue growth through vertical integration of upstream and downstream manufacturers, the Company successively established ACETEK MATERIAL Co., Ltd. as a joint venture with Yankuang Lunan Chemical Co., Ltd. (hereinafter referred to as "Lunan Chemical") and downstream strategic investor Thy Glory Limited (hereinafter referred to as "Thy Glory") starting in 2016, obtaining 80% of the management rights of the joint venture. To optimize its cost structure, the Company completed the construction of a new acetic anhydride plant, ACETEK MOMENTUM CO., LTD, in September 2021, integrating upstream into acetic anhydride production. Furthermore, to meet strong market demand, the Company completed the construction of new tow plants, Acetate (Shandong) Environmental Fiber Co., Ltd., in March and April 2023 respectively, expanding capacity of tow production.

The Company's core business is the R&D, manufacture, and sales of acetic anhydride, cellulose diacetate, cellulose cetate tow, and other related products, which are mainly used in cigarette filter rod or products with filtering functions. The Group primarily manufactures in mainland China, benefiting from relatively low labor costs. The Company actively collaborates with customers to develop and improve product processes, understands customer needs to enhance production efficiency, gains customer trust, and further becomes a long-term partner. On the other hand, it also provides customized services, developing cellulose acetate tow of different specifications according to customer requirements. In addition, it regularly participates in international exhibitions to increase product exposure, gradually expanding into many new markets and customers and achieving steady growth. In September 2023, the Company added a new product, cellulose diacetate filament yarn, which is used for clothing. Featuring a soft texture similar to natural silk, this product is highly favored in the high-end fabric market.