On November 23, 2022, Riyue Heavy Industry Co., Ltd. closed the transaction. The company has issued 57,986,911 shares at a price of CNY 13.82 for gross proceeds of CNY 801,379,110.02. The transaction included participation from Fu Mingkang for 28,993,456 shares with 25.41% stake and Chen Jianmin for 28,993,455 shares with 13.98% stake.

The company incurred CNY 471,6981.13 for underwriting and sponsorship fees, CNY 330,188.68 for other accountants' fees, CNY 330,188.68 for lawyers' fees, CNY 56,603.77 for information disclosure fees, CNY 54,704.63 for equity registration fee. The company received net proceeds of CNY 795,890,443.13. The shares subscribed by the issuers of this issuance shall not be transferred within 18 months from the date of completion of this non-public offering.