Ningbo Xianfeng New Material Co.,Ltd announced a private placement of not more than 142,200,000 A Shares Pre-Plan for gross proceeds of CNY 510,953,700 on July 23, 2021. The transaction will include participation from not more than 35 investors. The issue price will be not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 7th Meeting of the Company's 5th Directorate and 5th Meeting of the 5th Supervisory Board and is subject to the approvals of the Company’s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.