Huizhou Hongyu Paint Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 14.5 million on March 18, 2022. The transaction will include participation from returning investor Guangdong Redwall New Materials Co., Ltd. Post closing, the registered capital will increase from CNY 0.5 million to CNY 15 million. The transaction has been approved by board of directors of Guangdong Redwall New Materials Co., Ltd.