Jiangyin Qingyuan Pipe Network Engineering Co., Ltd. announced a private placement for the gross proceeds of CNY 300 million on September 17, 2021. After the completion of this capital increase, the registered capital of company will increase from CNY 50 million to CNY 350 million. The investor holds 100% equity of the company. The investor will subscribe to the registered capital of CNY 20 million, for a total of CNY 320 million. The capital increase does not need to be submitted to the company’s general meeting of shareholders for deliberation. The transaction has been approved in the 21st meeting of the sixth board of directors.