Honghui (Hainan) Technology Co., Ltd announced a private placement of common shares for gross proceeds of CNY 21 million on April 29, 2022. The transaction will include participation from retuning investor Wuxi Honghui New Materials Technology Co., Ltd. to maintain 100% stake in the company. The transaction has been approved at the 14th meeting of the 4th Board of Directors of the investor.

Post the transaction, the registered capital will increase from CNY 9 million to CNY 30 million.