Huludao Hongyue Group Co., Ltd. announced a private placement of not more than 205,761,316 A shares at an issue price of CNY 2.43 per share for the gross proceeds of not more than CNY 500,000,000 on November 4, 2022. The transaction will include participation from new investor, Huludao Hongyue Group Co., Ltd. The shares have a holding period of 36 months from the issuance closing date. The transaction has been approved in the 23rd meeting of the company’s 10th directorate, 23rd meeting of the 4th directorate and the 11th meeting of the 4th supervisory board, and is subject to the approvals of the Company’s Shareholders and the China Securities Regulatory Commission.