Tongling Tongguan Energy Technology Co., Ltd. announced a placement of common shares for gross proceeds of CNY 40,000,000 on February 22, 2023. The transaction will include participation from returning investor, Tongling Nonferrous Metals Group Co.,Ltd., owns 100% stake. The transaction has been approved at the 34th session of Tongling Nonferrous Metals Group Co.,Ltd.'s 9th directorate.

After the transaction, the company's registered capital will increase from CNY 10,000,000 to CNY 50,000,000.