Vietnam Haixin New Material Co., Ltd. announced a private placement of common shares for gross proceeds of $40 million on June 10, 2021. The transaction will include participation from returning investor Zhejiang Walrus New Material Co.,Ltd. As a result, the company's registered capital will increase from $69 million to $109 million and the investor will continue to hold 100% stake in the company. The transaction has been approved at the 6th session of the company's 2nd directorate.