Huada New Materials (Jiangsu Nantong) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 529,375,470.75 on November 23, 2022. The transaction includes participation from existing investor, Zhejiang Huada New Materials Co., Ltd. Out of the total amount received, the company will receive CNY 490,000,000 as part of its registered capital and rest amount in its capital reserve. Post-closing of the transaction, the registered capital will increase from CNY 10,000,000 to CNY 500,000,000.

The transaction has been approved by the eighth meeting of the third board of directors and the eighth meeting of the third board of supervisors.