Hubei SKSHU New Material Technology Co., Ltd. announced a placement of common shares for gross proceeds of CNY 50 million on December 7, 2022. The transaction will include participation from returning investor, SKSHU Paint Co.,Ltd for CNY 41 million; and Shanghai SKSHU New Material Technology Co., Ltd. for CNY 9 million. The transaction has been approved at the 3rd meeting of the 6th board of directors.

The transaction does not need approval from the company's shareholders. After the transaction, the company's registered capital will increase from CNY 220 million to CNY 270 million.