Zhuhai glory Friction Material Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 28,603,549.32 on March 16, 2023. The transaction will include participation from returning investor Guangzhou Jointas Chemical Co., Ltd. representing 3.08% stake in the company. The registered capital of the company is CNY 3,245,977.

The transaction has been approved in the twentieth meeting of the third board of directors.