Jiangxi Yongguan Technology Development Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 120,000,000 on December 30, 2020. The transaction will involve participation from existing investor, Shanghai Yongguan Adhesive Products Corp., Ltd. (SHSE:603681). Out of the total amount, the company will receive CNY 12,000,000 as part of registered capital and CNY 108,000,000 as part of capital reserve. Post-closing of the transaction, the registered capital of the company will increase from CNY 120,000,000 to CNY 132,000,000. Post-closing, Ningbo Thermal Power Co.,Ltd will continue to retain its 100% stake in the company. The transaction has been reviewed and approved at the 8th Meeting of the 3rd Directorate and the 7th Meeting of the 3rd Supervisory Board, and there is no need to submit it to its shareholders meeting.