DeHua TB New Decoration Material Co.,Ltd announced a private placement of does not exceed 71,428,571 A shares at a price of CNY 7 per share for gross proceeds of is not more than CNY 499,999,997 on November 22, 2021. The transaction will include participation from returning investor Dehua Group Holding Co., Ltd. The transaction has been approved by board of directors of 12th meeting of the seventh board of directors of the company. The transaction is still needs to be reviewed and approved by the company's shareholders' meeting and can be implemented after approval by the China Securities Regulatory Commission. The shares subscribed by the issuer shall not be transferred within 36 months from the end of the transaction. The validity period of the resolution of this non-public issuance of stocks to specific objects is valid for this proposal to be submitted to the company's general meeting of shareholders within 12 months from the date of review and approval.

On July 4, 2022, the company announced that the application for the transaction has been accepted by the China Securities Regulatory Commission and the company has received China Securities Regulatory Commission Administrative License Application Acceptance Form and the transaction is still subject to the approval of China Securities Regulatory Commission.