Shanxi Huayang New Material Co.,Ltd. announced a private placement of not more than 100,000,000 A shares for gross proceeds of CNY 550,000,000 on September 27, 2021. The transaction include participation from more than 35 investors. The issuance price will not be less than 80% of the average price of the company’s stock price during the 20 trading days prior to the pricing base date. The transaction is approved by board of directors in its 14th meeting of the company’s 7th directorate. The transaction is subjected to the approval of shares holders, Shanxi State-Owned Capital Operation Co., Ltd and China Securities Regulatory Commission. The shares issued are subjected to 6 months hold period from the issuance closing date.