Hefei Xingyu Chemical Co., Ltd. announced that it will issue common shares for gross proceeds of CNY 210,000,000 on January 11, 2021. The company has signed equity and capital increase agreement with the investor. The transaction will include participation from existing investor, Zhejiang Xinan Chemical Industrial Group Co.,Ltd (SHSE:600596). Post-closing of capital increase and acquisition, the investor will have more than 51% stake in the company. The transaction has been approved at the ninth meeting of the tenth board of directors.