Anhui Anfu Energy Technology Co., Ltd. announced a private placement to receive gross proceeds of CNY 567,272,700 on March 31, 2022. The transaction will include participation from returning investor, Anhui Andeli Department Store Co., Ltd. for CNY 307,272,700 to retain 54.17% stake in the company, returning investor Ningbo Ruili Enterprise Management Partnership (Limited Partnership) for CNY 60,000,000 to hold 2.02% stake in the company, returning investor Ningbo Zhengtong Boyuan Equity Investment Partnership (Limited Partnership) for CNY 200,000,000 to hold 13.48% stake in the company from 8.33% stake. After the completion, the registered capital of the company will increase from CNY 2,400,000,000 to CNY 2,967,272,700.

The transaction has been approved at the 14th meeting of the 4th board of directors.