Fujian Furongyuan New Material High-end Manufacturing Co., Ltd. announced a private placement of common shares through capital increase for the gross proceeds of CNY 440 million on July 27, 2023. The transaction will include participation from existing investor Sichuan Furong Technology Co., Ltd. The transaction has been approved in the 6th meeting of the 3rd board of directors and the 6th meeting of the 3rd board of supervisors of the company and it does not need to submit to the general meeting of shareholders for consideration. Post the transaction, the company's registered capital will increase to CNY 640 million.