Guangzhou Goaland Energy Conservation Tech. Co., Ltd. announced a private placement of 48,899,755 A shares at an issue price of CNY 8.18 per share for gross proceeds of not more than CNY 400,000,000 on January 10, 2023. The transaction will include participation from Hainan Mulan Investment Co., Ltd. The shares subscribed shall not be transferred within 18 months from the date of completion of the issuance.

The transaction has been approved at the twenty-fourth meeting of the fourth board of directors of the company. The transaction is still subjected to approval by the company's shareholders, Shenzhen Stock Exchange and China Securities Regulatory Commission.