Guizhou Zhenhua New Material Co., Ltd. announced a private placement of not more than 132,880,443 A shares for the gross proceeds of not more than CNY 6,000,000,000 on June 13, 2022. The transaction will include participation from does not exceed 35 investors. The issue price is 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 issuance closing date. This was approved in the 22nd meeting of the company's 5th directorate, 15th meeting of the 5th supervisory board and is subject to the approvals of the state-owned assets supervision department or its authorized unit, the company's shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.

On July 9, 2022, the company announced that the transaction has been approved by China Electronics Information Industry Group Co., Ltd.