Shanxi Huaxiang Group Co., Ltd. announced a private placement of not more than 35,842,294 common shares at a price of CNY 8.37 for the gross proceeds of not more than CNY 300 million on May 16, 2023. he 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 including a returning investor, Shanxi Linfen Huaxiang Industrial Co., Ltd. The transaction has been approved by the 30th meeting of the second session of the Board of Directors and it still needs to be approved by the company's general meeting of shareholders, Shanghai Stock Exchange and by the China Securities Regulatory Commission.

On June 7, 2023, the company announced that the proposal on the company?s issuance of shares to specific investors preliminary plan has been approved by the first special shareholders meeting for 2023.

On August 7, 2023, the company received the notice on accepting application for share issuance [2023] No. 556 issued by Shanghai Stock Exchange.