Pearl Hydrogen Co., Ltd. announced a private placement of shares 1,518,219 at CNY19.76 per share for gross proceeds of CNY 30000007.44 on March 6, 2023. The transaction included the participation from new investor Puyang Refractories Group. The company will directly owns 3.75% stake, and also will directly and indirectly hold 6.47% stake.

Prior to this investment, the company does not own any stake in the target. The transaction will approved the 7th session of the company's 6th directorate.