Tong Petrotech Corp announced a private placement A shares with a par value of CNY 1 per share for not more than CNY 300 million on June 7, 2021. The transaction should not include participation from more than 35 investors such as Securities investment fund management companies, securities companies, qualified foreign institutional investors, and RMB qualified foreign institutional investors. Trust companies can only subscribe with its own funds.

The issue price shall not be less than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction is expected to close by this year end. The transaction has been approved at the company's the eleventh meeting of the seventh board of directors and is subject to approval at the general meeting of shareholders.

The authorization period will be 12 months from the date of approval of the 2021 annual general meeting of shareholders. The securities shall not be transferred within six months from the end of the issuance. If the investor of the issuance falls under the circumstances specified in the second paragraph of Article 57 of the Registration Management Measures, the shares subscribed for shall not be transferred within 18 months from the date of completion of the issuance.