Xiamen Tungsten Co., Ltd. announced a private placement of 425,537,760 A shares for gross proceeds of CNY 4,000,000,000 on May 18, 2023. The issuance price of this of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date. The company will issue the shares to not more than 35 specific investors including new investor Fujian Yekong Equity Investment Management Co., Ltd. The transaction was approved at the 26th meeting of the ninth session of the board of directors and the twelfth session of the ninth session of the board of supervisors.

The transaction is subject to the approval of shareholders, Shanghai Stock Exchange, China Securities Regulatory Commission, and Fujian Provincial State-owned Assets Supervision and Administration Commission. All securities issued in the transaction are subject to a hold period of 36 months from the issuance closing date.