Qingdao Guolin Environmental Technology Co.,Ltd. announced a private placement to issue not more than 36,803,200 shares for an aggregate gross proceeds of not more than CNY 248,000,000 on June 16, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved at the 21st meeting of the 4th directorate. The transaction is still subjected to approval from the the Shenzhen Stock Exchange and the China Securities Regulatory Commission.