Sinofibers Technology Co.,Ltd. announced a private placement of not more than 100,000,000 shares for gross proceeds of not more than CNY 2,000,000,000 on August 26, 2021. The transaction will include participation from not more than 35 investors. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 15th meeting of the company's 2nd directorate, 13th meeting of the 2nd supervisory board and is subject to its shareholder's approval, the Shenzhen Stock Exchange and the China Securities Regulatory Commission.

On October 20, 2021, the company announced that it has received “Notice on Acceptance of its Private Placement Application Documents” (Acceptance [2021] No. 463) from the Shenzhen Stock Exchange.