XTC New Energy Materials( Xiamen) Co., Ltd. announced that it has signed a share subscription agreement of 48,638,130 units of A shares at a price of CNY 71.96 per unit for gross proceeds of not more than CNY 3,500,000,000 on March 1, 2022. The transaction includes participation from returning investor Xiamen Tungsten Co., Ltd. for an investment of 35,158,421 shares for gross proceeds of CNY 2,530,000,000 , Fujian Yekong Equity Investment Management Co., Ltd. for an investment of 6,948,304 shares for gross proceeds of CNY 500,000,000 , Sansteel MinGuang Co.,Ltd.,Fujian for an investment of 5,558,643 shares for gross proceeds of CNY 400,000,000 and Fujian Panluo Iron Mine Company for an investment of 972,762 shares for gross proceeds of CNY 70,000,000. The security issued is restricted to transfer within 18 months from the issuance closing date.

The transaction has been approved in the 16th meeting of the Company's 1st Directorate and 9th meeting of the 1st Supervisory Board, and is subject to the approvals of the State-Owned Assets Supervision Department, the Company's Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.