Xinjiang Heimao Coal Chemical Co., Ltd announced a private placement of common shares for gross proceeds of CNY 490,000,000 on March 1, 2022. The transaction will include participation from returning investor Shaanxi Heimao Coking Co., Ltd for CNY 340,000,000 and new investor Kuchar Jinniu Liye Energy Co., Ltd for CNY 150,000,000 for 30% stake. The transaction has been approved in the 3rd Meeting of the Company's 5th Directorate and does not need the Shareholders' Approval.

Before March 31, 2022, the Shaanxi Heimao Coking Co., Ltd will pay CNY 42,000,000 and Kuchar Jinniu Liye Energy Co., Ltd. will pay CNY 18,000,000, total of CNY 60,000,000, and the remaining amount will be paid before March 31, 2037.