Shandong Dairuike New Materials Co., Ltd. announces a private placement of gross proceeds of CNY 158.2648 million on September 15, 2022. The transaction will included participation from returning investor, Shandong Yanggu Huatai Chemical Co., Ltd. The transaction has been approved by the the 11th meeting of 5th Board of Directors and the 9th meeting of the 5th Board of Supervisors. Post the closing of the transaction, the registered capital of the company will increase from CNY 391,000,000 to CNY 549,264,800.

Post the completion of the transaction, the investor retain 100% stake of the company.