Xinjiang Qingsong Asset Management Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 25,500,000 on October 8, 2019. The transaction will involve participation from existing investor Xinjiang Qingsong Building Materials and Chemicals (Group) Co.,Ltd. (SHSE:600425). Post the closing of the transaction, the investor will continue to retain its 100% stake in the company. The transaction has been approved in the 15th meeting of the 6th directorate of the investor.