Fujian Dongbai (Group) Co.,Ltd. announced a private placement of not more than 202,743,900 A shares at a price of CNY 3.28 per share for gross proceeds of not more than CNY 665,000,000 on December 5, 2022. The transaction will include participation from returning investor Fujian FengQi Investment Co., Ltd. The shares to be subscribed shall not be transferred within 18 months from the date of completion of the transaction. The transaction has been approved at the 23rd meeting of the tenth session of the board of directors, and nineteenth meeting of the tenth board of supervisors of the company.

The transaction is subject to the approval by the company's general meeting of shareholders and the China Securities Regulatory Commission.