Panjin Kingfa New Materials Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 2,903,086,963 on December 15, 2022. The transaction will include participation from Kingfa Sci. & Tech.

Co., Ltd., Guangzhou Tengxichen Investment Co., Ltd., Jinshi Manufacturing Transformation and Upgrading New Materials Fund (L.P.), a fund managed by Beijing Taiyou Investment Management Co., Ltd. and Panjin Kingfa New Material Industry Partnership Enterprise.