Baotailong New Materials Co., Ltd. announced a private placement of not more than 320,000,000 common shares for gross proceeds of not more than CNY 1,577,136,900 on March 8, 2021. The transaction included participation from not more than 35 investors including Jiao Yun's for 2.86% stake. The issuance price shall not be less than 80% of the average price of the company's stock trading on the 20 trading days.

The transaction was approved by the board of directors in first meeting of the company. The shares issued to Jiao Yun are subjected to 18 months hold period, and other shares are subjected to 6 months hold period from date of issuance. The company singed purchase agreement with Jiao Yun, Chairman and Director of the company.

The transaction is subjected to approval of China Securities Regulatory Commission with respect to maximum number of shares issued and share holders approval.