Xinxiang Chemical Fiber Co., Ltd. announced a private placement of not more than 300 million A shares for proceeds of CNY 1,380 million on May 19, 2022. The transaction has been approved at the 22nd meeting of the 10th directorate of the company. The transaction is subject to the approval of the authorized State-owned Assets Supervision Department or State-funded Enterprise, the company's shareholders meeting, and the China Securities Regulatory Commission.

The shares will have a lock-up period of six months.