Ningbo Changhong Polymer Scientific and Technical Inc. announced a private placement of not more than 85,959,885 A shares at a price of CNY 13.96 per share for a gross proceeds of not more than CNY 1,199,999,995 on August 30, 2022. The transaction will include participation from individual investor, Tao Chunfeng. The shares shall not be transferred within 18 months from the date of the completion of this issuance.

The transaction has been approved by the eighteenth meeting of the second board of directors. The transaction is still subject to approval from the company's shareholders, Shenzhen Stock Exchange and the China Securities Regulatory Commission.