Changzhou Tiansheng New Materials Co., Ltd. announced a private placement transaction of not more than 95,323,700 Class A common shares at a price of CNY 5.56 per common share for gross proceeds of not more CNY 529,999,800 on January 26, 2022. The transaction will include participation from Jucheng intelligence. The number of Class A common shares to be issued under the issuance shall not exceed 30% of the total share capital of the company.

The pricing benchmark date of the issuance shall be the first day of the issue period of the issuance, and the issue price shall not be lower than 80% of the average trading price of the company's A shares for the 20 trading days immediately preceding the pricing benchmark date. The transaction is subject to approval by general meeting of shareholders, Shenzhen Stock Exchange and the China Securities Regulatory Commission. The transaction has been approved at the eleventh meeting of the fifth board of directors of the company.