Ningbo Hesheng Aluminum Bottle Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 90 million on July 21, 2022. The transaction will include participation from returning investor Ningbo Xusheng Auto Technology Co., Ltd. for CNY 54.6 million, new investor Qingdao Linshui Zhilai Equity Investment Partnership (Limited Partnership) for CNY 24 million and individual investor Xu Xudong for CNY 11.4 million. The transaction has been approved in the 11th extraordinary meeting of the third board of directors of Ningbo Xusheng Auto Technology Co., Ltd. Post the transaction, the registered capital of the company will increase from CNY 30 million to CNY 120 million and Ningbo Xusheng Auto Technology Co., Ltd.'s shareholding in the company will decrease from 86% to 67%, Qingdao Linshui Zhilai Equity Investment Partnership (Limited Partnership) will acquire 20% stake and Xu Xudong will acquire 9.5% stake in the company.