Jiangxi Haiyuan Composites Technology Co.,Ltd. announced a private placement of not more than 78,000,000 A shares for gross proceeds of not more than CNY 957,760,000 on April 25, 2023. The issuance price of this of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction will include participation from not more than 35 specific investors.

The transaction was approved in 24th meeting of the company's fifth board of directors, at its 4th extraordinary shareholders meeting of 2022, and the 27th of the company's 5th board of directors. The transaction is subjected to the approval of shareholders and China Securities Regulatory Commission. The shares issued are subjected to 6 months hold period, from the issuance closing date.