Gulang Qilianshan Cement Co., Ltd. announced a private placement of shares for gross proceeds of CNY 250,000,000 on May 16, 2022. The transaction will include participation from returning investor Gansu Qilianshan Cement Group Co., Ltd. Post closing of the transaction, the registered capital will increase from CNY 294,000,000 to CNY 544,000,000 and investor will continue to hold 100% stake in the company. The transaction has been approved by the 2nd session of the investor's 9th directorate.

The transaction is subject to approval from investor's 1st special shareholders' meeting for 2022.