Wuyi Industrial (Shanghai) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 50,000,000 on September 28, 2021. The transaction will involve participation from existing investor, Anshan Heavy Duty Mining Machinery Co., Ltd. Post-closing, the company will retain its 100% stake in the company. Post the closing, the registered capital of the company will increase from CNY 50,000,000 to CNY 100,000,000. The transaction has been approved at the 13th meeting of 6th directorate of the investor and is subject to its shareholders’ approval.