Nanning Sun Paper announced a private placement of common shares for gross proceeds of CNY 1,000,000,000 on December 15, 2022. The transaction will include participation from returning investor Shandong Sunpaper Co., Ltd. The transaction has been approved at the twelfth meeting of the eighth session of the board of directors of Shandong Sunpaper Co., Ltd. Post closing, the registered capital will increase from CNY 1,000,000,000 to CNY 2,000,000,000.