Shunbo Alloy Anhui Co., Ltd. announced a private placement for gross proceeds of CNY 550 million on September 14, 2022. The transaction will include participation from returning investor, Chongqing Shunbo Aluminum Co.,Ltd. Upon the closing, the investor will retain 100% stake in the company. The method of capital increase will be through equity.

CNY 200 million will be added as registered capital, the remaining CNY 350 million will be used to pay the registered capital that has not been paid up so far and a part will be included in the capital reserve. Following the closing, the capital of the company will increase to CNY 500 million. The transaction has been approved at the 28th session of the company's 3rd directorate and the 24th session of the company's 3rd supervisory board.