Shanghai Emperor of Cleaning Hi-Tech Co., Ltd announced a private placement for an aggregate gross proceeds of not more than CNY 700 million on January 17, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors. The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved at the 19th meeting of the fourth board of directors. The transaction is still subject to approval from general meeting of shareholders and the China Securities Regulatory Commission.

On January 17, 2023, the company announced that the 15th session of the company's 4th supervisory board approved the 2023 private placement preliminary plan.