Anhui Wanwei Updated High-Tech Material Industry Co.,Ltd announced that it has entered into a share subscription agreement for private placement of no more than 44,247,787 shares at an issue price of CNY 4.52 per share for gross proceeds of CNY 199,999,997.24 on August 10, 2021. The transaction will include participation from returning investor Anhui Wanwei Group Co., Ltd. The number of issued shares shall not exceed 30% of the total equity of the listed company before this transaction and issue price of the listed company's issuance of stocks to specific targets to raise supporting funds for this transaction shall not be lower than that of the listed company's stock transactions on the 20 trading days before the announcement of the board of directors of the listed company. The transaction has been approved in the sixth meeting of the eighth session of the board of directors and shareholder's meeting and is subject to approval from board of directors, shareholder's meeting, China Securities Regulatory Commission and State-owned Assets Supervision and Administration Commission.