Baotou Huaxing Rare Earth Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 82,496,100 on January 29, 2021. The transaction will include participation from new investor China Northern Rare Earth (Group) High-Tech Co.,Ltd (SHSE:600111) for majority 50.5% stake after completion of the transaction. The transaction was approved by shareholders in 24th meeting and seventh board of the investor. The company registered capital is will increase to CNY 91,919,200. CNY 46,419,200 will be in form of paid in capital and CNY 36,076,900 as capital reserve. The transaction is expected to be closed in 10 working days.