Shanxi Huayang Biodegradable New Material Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 154 million on October 26, 2021. The transaction will include participation from returning investor Shanxi Huayang New Material Co.,Ltd. The transaction has been approved at the fifteenth meeting of the seventh board of directors of the investor. The transaction shall be submitted to the investor's shareholders meeting for deliberation. As a result, company's registered capital will increase from CNY 1 million to CNY 155 million.