Heilongjiang Hagong Graphite Technology Co., Ltd. announced a private placement to issue shares for gross proceeds of CNY 450,000,000 on May 10, 2022. The transaction will include participation from new investor Junhe Pumps Holding Co., Ltd for 20% stake in the company. On closing, the registered capital of the company will increase by CNY 90,000,000.

The transaction has been approved at the ninth meeting of the fourth board of directors and the ninth meeting of the fourth board of supervisors of the investor and does not require shareholders approval.