Qingdao Huicheng Environmental Technology Co., Ltd. announced that it has entered into a share subscription agreement to issue 10,000,000 to 30,000,000 shares at a price of CNY 11.77 per share for gross proceeds between CNY 117,700,000 to CNY 353,100,000 on April 18, 2022. The transaction will include participation from individual investor Zhang Xingong. The transaction has been approved at the 4th Meeting of the company's 3rd Directorate and the 4th Meeting of the 3rd Supervisory Board and is subject to the approvals of company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. The securities issued in the transaction are subject to a hold period of 36 months from the date of issuance.

On July 20, 2022, the company announced that the Shenzhen Stock Exchange has accepted the application document for the transaction.