On January 16, 2023, Shanghai Tianyang Hot Melt Adhesives Co., Ltd. closed the transaction. The transaction included participation from 16 investors including Li Zhelong. The transaction has been approved by the China Securities Regulatory Commission.

The company incurred total issuance expenses of CNY 194,372,882 and raised net proceeds of CNY 966,245,918.20. in the transaction. The company will handle the registration and custody of the newly issued shares as soon as possible in accordance with relevant regulations.