Jiangsu Ruifan Energy Saving Technology Service Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 37,500,000 on July 7, 2021. The transaction includes participation from existing investor, Jiangsu Shentong Valve Co., Ltd. (SZSE:002438). Post-closing of the transaction, the registered capital has increased from CNY 12,500,000 to CNY 50,000,000. Post-closing, the investor will retain its 100% stake in the company. The investor did not need the approvals of the investor’s directorate and shareholders. The company has completed the change of business registration of its capital increase.