Shanghai Prosolar Resources Development Co., Ltd announced that it has entered into a share purchase agreement to issue 127,611,900 common shares at a price of CNY 4.61 per share for gross proceeds of CNY 588,300,000 on April 24, 2023. The transaction will include participation from new investor Zhejiang Overseas Industrial Co., Ltd. holding 23.90% stake. The transaction has been approved in the 15th meeting of the 8th directorate and 12th Meeting of the 8th Supervisory Board and is subject to the approvals of the Company's Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.