Guangdong Sanhe Pile Co.,Ltd. announced a private placement of not more than 151,150,974 A shares for gross proceeds of not more than CNY 1,000,000,000 on May 16, 2022. The transaction will include participation from not more than 35 investors. The company will issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the closing date. The transaction has been approved in the 10th meeting of the company's 3rd directorate, and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission.