Hebei Jizhong New Material Co., Ltd. announced that it has entered into a capital increase agreement for a private placement of common shares for gross proceeds of CNY 922,728,599 on July 9, 2021. The transaction will include participation from HeBei Jinniu Chemical Industry Co.,Ltd. The investor will hold not less than 51% stake in the company post closing of the transaction. The transaction has been approved at the 19th meeting of the eighth session of the company's board of directors, and at the eighth meeting of the seventh board of directors held by Jizhong Energy Group Co.,Ltd. The transaction is subject to the approval of the China Securities Regulatory Commission. On October 14, 2021, the transaction has been approved at the 21st meeting of the eighth session of the board of directors and 15th meeting of the 8th board of supervisors of HeBei Jinniu Chemical Industry Co.,Ltd. Of the total increase, CNY 740,020,409 will go in the registered capital of the company and the rest will be included in capital reserve. The registered capital of the company will increase from CNY 711,000,000 to CNY 1,451,020,409 post closing of the transaction. On November 8, 2021, the transaction has been approved in the 1st special shareholders? meeting for 2021 of HeBei Jinniu Chemical Industry Co.,Ltd.