Hiangyin Hengrun Ring Forging Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 699,767,291.46 on November 17, 2021. The transaction will include participation from returning investor Jiangyin Hengrun Heavy Industries Co., Ltd to retain its 100% stake in the company. Out of the total amount, CNY 300,000,000 will be added to the registered capital of the company and CNY 399,767,291.46 will be added to the capital reserve of the company. On post completion, the registered capital of company will increase from CNY 243,995,623.66 to CNY 543,995,623.66. The transaction has been approved by the board of directors of the investor at its 19th meeting of the 4th directorate and 19th meeting of the 4th supervisory board.