Zhejiang Fuchunjiang Environmental Thermoelectric Co.,LTD announced a private placement of no less than 177,056,182 A shares at a price of CNY 4.96 per share for gross proceeds of not more than CNY 880,000,000 on September 14, 2021. The transaction will include participation from returning investor Nanchang Shuitian Investment Group Co., Ltd., Upon completion, the investor will hold no less than 34.00% of the company's shares. The transaction will subject to lock-up period of 36 months. The transaction has been approved at the ninth meeting of the fifth directorate of the company, and are subject to the approval of the authorized state-owned approval unit, company's shareholders meeting and the China Securities Regulatory Commission.

On November 23, 2021, the company announced that the transaction has been approved by the shareholders of investor via issuance no. 314 [2021].