Jiangsu Boqian New Materials Stock Co., Ltd. announced a private placement of not more than 22,000,000 A shares at an issue price of CNY 37.63 per share for a gross proceeds of not more than 827,860,000 on September 26, 2022. The transaction included participation from returning investor, Wang Liping with 26.59% stake in the company. The shares to be issued shall have a hold period of 18 months from closing of the transaction.

The transaction has been approved by the 16th meeting of the company?s 2nd directorate. The transaction has been approved by the 15th Meeting of the 2nd Supervisory Board for the private placement of A Shares.