Zhejiang Xizi United Engineering Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on March 29, 2022. The transaction will include participation from returning investor, Xizi Clean Energy Equipment Manufacturing Co.,ltd. for CNY 81,000,000, Chen Hongjuan for CNY 13,000,000, and Lishui Xiteng Enterprise Management Service Partnership Enterprise (Limited Partnership) for CNY 3,000,000. Post the transaction, the registered capital if the company will increase from CNY 127,000,000 to CNY 227,000,000.

The transaction has been approved in the 5th session of the 5th directorate meeting of Xizi Clean Energy Equipment Manufacturing Co.,ltd.. Post the transaction, Xizi Clean Energy Equipment Manufacturing Co.,ltd. will retain 81% stake in the company.