On July 1, 2021, Tianyu Eco-Environment Co., Ltd. closed the transaction. The company amended the transaction and issued 48,350,000 shares for CNY 8.32 per share for gross proceeds of CNY 402,272,000. The transaction included participation from Qingdao Wentai Private Equity Fund Management Co., Ltd. for Qingdao Wentai Private Equity Fund Management Co., Ltd. for 12,620,192 shares for CNY 104,999,997.44, individual investor Huang Zhen for 9,615,384 shares for CNY 79,999,994.88, Funds of Caitong Fund Management Co., Ltd. including Caitong Fund Anji No. 87 Single Asset Management Plan for 4,807,692 common shares for CNY 39,999,997.44, Caitong Fund Ruikunshen No. 1 Single Asset Management Plan for 420,673 common shares for CNY 3,499,999.36, Caitong Fund Anji No. 112 Single Asset Management Plan for 300,481 common shares for CNY ,500,001.92 , Caitong Fund Hudson 99 for 240,385 common shares for CNY 2,000,003.20, Caitong Fund Shangnan Jinniu for 240,384 common shares for CNY 1,999,994.88, Caitong Fund Tianxi Dingzeng No. 60 for 180,288 common shares for CNY 1,499,996.16, Caitongji Financial Policy No. 6 Single Asset Management Plan for 120,192 common shares for CNY 999,997.44, Caitong Fund Xuanling No. 1 Single Capital for 120,192 common shares for CNY 999,997.44, Caitong Fund Yuquan Huizhi No. 6 Single Asset Management Plan for 120,192 common shares for CNY 999,997.44, Caitong Fund Fixed Incremental Arbitrage No. 1 for 100,962 common shares for CNY 840,003.84, Caitong Fund Junxiang Jiasheng Single Asset Management Plan for 100,962 common shares for CNY 840,003.84, Caitong Fund Fixed Incremental Arbitrage No. 2 for 60,096 common shares for CNY 499,998.72, Caitong Fund Yuquan No. 963 Single Asset Management Plan for 60,096 common shares for CNY 499,998.72, Caitong Fund Fixed and Incremental Hedging No. 1 Collective Asset Management Plan for 55,289 common shares for CNY 460,004.48, Caitong Fund West Lake University No. 1 for 50,481 common shares for CNY 420,001.92, Caitong Fund Ruitong No. 1 Collective Asset Management Plan for 42,067 common shares for CNY 349,997.44, and other investors. The funds received would be allocated as CNY 48,350,000 will be included in the paid-in share capital, and CNY 345,515,542.38 will be included in the capital reserve. The shares issued under the transaction are tradable shares subject to sales restrictions of six-month period and will be listed and traded on the Shanghai Stock Exchange on the next trading day after the restriction period expires. The company received net proceeds of CNY 393,865,542.38. The company completed the securities change registration procedures at the Shanghai Branch of China Securities Depository and Clearing Co., Ltd. and received Certificate of securities change registration July 2, 2021.