Wuzhou Special Paper Group Co., Ltd. signed subscription agreement and a private placement of not more than 73,024,054 A shares at an issue price of CNY 11.64 per share for gross proceeds of not exceed CNY 849,999,988.56 on June 21, 2023. All securities issued in the transaction have a hold period of 18 months from the issuance closing date. The transaction has been approved at the 17th meeting of the second board of directors. The transaction still needs approval from general meeting of shareholders, Shanghai Stock Exchange, and China Securities Regulatory Commission. The transaction will include participation from individual investors Zhao Lei for 34,364,261 shares for the proceeds of CNY 400,000,000, Zhao Chenjia for 17,182,130 shares for the proceeds of CNY 200,000,000, Zhao Yunfu for 6,443,298 shares for the proceeds of CNY 75,000,000, and Lin Cailing for 15,034,364 shares for the proceeds of CNY 175,000,000. On the same date, the transaction has been approved in the 14th session of the company?s 2nd supervisory board.

On July 7, 2023, the company announced that the transaction has been approved in the 2nd special shareholders? meeting for 2023. Approved the proposal on the 2023 issuance to specific investors preliminary plan.

On December 20, 2023 the company announced that, the application for the issuance of securities has been accepted by the Shanghai Stock Exchange.