Tongxiang Desheng Adhesive Tape Co., Ltd announced a private placement of common shares for gross proceeds of CNY 506,564,277.36 on March 1, 2022. The transaction will include participation from returning investor Zhejiang Double Arrow Rubber Co., Ltd to retain 100% stake. CNY 179,800,000 will go to registered capital, and its registered capital will increase from CNY 20,200,000 to CNY 200,000,000.

The transaction has been approved in the 16th Meeting of the Company's 7th Directorate and the 13th Meeting of the Company's 7th Supervisory Board.