Hubei Huitian New Materials (Yicheng) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on November 18, 2022. The transaction will include participation from returning investor, Hubei Huitian New Materials Co., Ltd. Post the closing of the transaction, the investor will continue to hold 100% stake in the company and registered capital of the company will increase from CNY 100,000,000 to CNY 200,000,000. The transaction was approved by the board of directors of the investor at the 7th meeting of its 9th directorate and the 7th meeting of the 9th supervisory board.