Shandong Donghong Pipe Industry Co., Ltd. announced a private placement of to issue not more than 77,215,980 A shares for the gross proceeds of CNY 585,000,000 on October 20, 2022. The transaction will include participation from not more than than 35 investors. The transaction has been reviewed and approved at the 23rd meeting of the 3rd Board of Directors of the company.

The shares have a holding period of 6 months from the date of the end of the issuance. The transaction is subject to the approvals from company's general meeting of shareholders and approved by the China Securities Regulatory Commission. The shares are restricted to a hold period.