Advanced Fiber Resources (Zhuhai), Ltd. announced a private placement to issue not more than 12,000,000 shares for an aggregate gross proceeds of not more than CNY 300,000,000 on April 14, 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 total amount of funds raised from the issuance of stocks to specific objects through simplified procedures this time shall not exceed CNY 280,000,000 (inclusive), and after deducting the issuance expenses. The transaction has been approved by the 18th meeting of the third board of directors.