Zhejiang Renzhi Co., Ltd. announced a private placement of not more than 123,584,400 A shares at an issue price of CNY 2.05 per share and at a par value of CNY 1 per share for gross proceeds of not more than CNY 253,348,020 on December 20, 2021. The company entered into purchase agreement with retuning investor Pingda New Material Co., Ltd. The transaction was approved by the board of directors of the company in its 21st meeting of the sixth board of directors and is subjected to approval of the company's shareholders meeting and China Securities Regulatory Commission. The securities issued are subjected to 36 months hold period.