Xingyuan Environment Technology Co., Ltd. announced that it has entered into a security purchase agreement for the issuance of 466,142,194 A shares of the company at a price of CNY 2.59 per share for gross proceeds of 1,207,308,282.46 on February 1, 2023. The transaction will include participation from Ningbo Caifeng Technology Co., Ltd. The shares issued in the transaction shall not be transferred within 36 months from the date of completion of the issuance. The transaction has been approved in the eighth meeting of the fifth board of directors and the eighth meeting of the fifth board of supervisors.

The transaction is subject to approval of Finance Bureau of Fenghua District, Ningbo City, Shenzhen Stock Exchange, and the China Securities Regulatory Commission.