Tongling Nonferrous Metals Group Co.,Ltd. announced a private placement of not more than CNY 2,146,000,000 on December 22, 2022. The company will issue convertible bonds in the transaction. The transaction included participation from not more than 35 investors. The transaction was approved by the company's board of directors, internal decision-making body, Pre-approval of State-owned Assets Supervision and Administration Commission of Anhui, in its 32nd session of the company?s 9th directorate and 18th session of the company?s 9th supervisory board. The transaction is subjected to approvals of Formal approval of company, Company?s shareholders? meeting, Anti-Monopoly Bureau of the State Administration for Market Regulation if necessary, and China Securities Regulatory Commission approval. Post completion, the company will acquire 70% stake in CRRC-Tongguan Investment Co., Ltd. from Tongling Nonferrous Metals Group Holdings Co., Ltd. by issuing shares, convertible bonds and paying cash.

On February 20, 2023, the company announced that acquisition of assets through cash and the issuance of shares and convertible and raising of supporting funds of License [2023] No. 49 has been approved by by Tongling Nonferrous Metals Group Holdings Co., Ltd.