Fujian Changting Jinlong Rare Earth Metal Co., Ltd. announced a private placement of common shares for proceeds of CNY 1,214,000,000 on December 14, 2022. The transaction will include participation from new investors Fujian Yekong Equity Investment Management Co., Ltd. for 5.5% stake, Jiatai Green Energy (Changting) Investment Partnership Enterprise (Limited Partnership for 2% stake, Chuanghe Xincai (Xiamen) Manufacturing Industry Transformation and Upgrade Fund Partnership for 2% stake, China Northern Rare Earth (Group) High-Tech Co.,Ltd for 3% stake, Changting County State-owned Investment Group Co., Ltd. for 2.5% stake, Xiamen Innovation Xingke Equity Investment Partnership Enterprise (Limited Partnership for 1% stake, Fujian Haisi No. 1 Equity Investment Co., Ltd for 45% stake, two strategic investors for 3% stake each and company's employee stock ownership platform for 8.8% stake.

After the completion, the registered capital of the company will increase from CNY 1,613,700,000 to CNY 2,475,000,000. The transaction has been approved by the State-owned Assets Supervision and Administration Commission of Fujian, and by the 22nd session of Xiamen Tungsten Co., Ltd.'s 9th directorate. This transaction still needs to be approved by the Xiamen Tungsten Co., Ltd.'s shareholders' meeting.