Chengtun Mining Group Co., Ltd. announced a private placement of not more than 541,474,653 A shares at a price of CNY 4.34 per share for gross proceeds of not more than CNY 2,349,999,994 on May 24, 2023. The transaction included the participation from new investors Shenzhen Chengtun Huize Trading Co., Ltd acquire CNY 138,248,847 for total proceeds of CNY 600,000,000,000, Xiamen Chengtun Hongruize Industrial Co., Ltd. acquire CNY 184,331,797 for total gross proceeds of CNY 800,000,000,000, and existing investor Shenzhen Chengtun Group Co., Ltd. acquire CNY 218,894,009 for total proceeds of CNY 950,000,000. The shares cannot be transferred within 18 months from closing of the transaction. The transaction has been approved on 64th Meeting of the Company's 10th Directorate. The transaction is subjected to the approval of shareholders, the Shanghai Stock Exchange, and China Securities Regulatory Commission.

On the same date, the company announced that the transaction has been approved in the 38th Meeting of the 10th Supervisory Board.