Jiangxi Xinke Environmental Protection High-tech Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 361,842,100 on August 1, 2022. The transaction will include participation from returning investor Beijing GeoEnviron Engineering & Technology, Inc. for CNY 289,473,700; and Jiang Qinghe for CNY 72,368,400. Post closing, the registered capital of the company will increase from CNY 138,157,900 to CNY 500,000,000.

The transaction has been approved at the seventh meeting of the fifth board of directors of Beijing GeoEnviron Engineering & Technology, Inc. Post closing, Beijing GeoEnviron Engineering & Technology, Inc. will hold 80% stake in the company and Jiang Qinghe will hold 20% stake in the company.