Vietnam Haixin New Material Co., Ltd. announced a private placement of common shares for gross proceeds of $50 million on August 25, 2020. The transaction will include participation from returning investor Zhejiang Walrus New Material Co.,Ltd. (SZSE:003011). As a result, the company's registered capital will increase from $19 million to $69 million and the investor will continue to hold 100% stake in the company. The transaction has been approved at the first extraordinary general meeting of shareholders of 2020.