On July 29, 2021, Hongbaoli Group Corporation, Ltd. closed the transaction. The company amended the terms of the transaction. The company issued 133,211,727 for CNY 3.82 per share for gross proceeds of CNY 508,868,797.1. The company received net proceeds of CNY 499,188,305.47 of which CNY 133,211,727 was newly added registered capital and CNY 365,976,578.47 was capital reserve.

The transaction included participation from Yulin Coal Resource Conversion Guidance Fund Partnership Enterprise (L.P.), a fund managed by Yulin Coal Conversion Fund Investment Management Co., Ltd. for 13,089,005 shares for CNY 49,999,999.10, individual investors Lu Qiang for 13,089,005 shares for CNY 49,999,999.10, funds of Guangdong Dehui Investment Management Co., Ltd. including Dehui Zunxiang Private Securities Investment Fund for 3,926,701 shares for CNY 14,999,997.82, Dehui Optimal Private Equity Securities Investment Fund for 3,926,701 shares for CNY 14,999,997.82, Dehui Exclusive No. 6 Private Securities Investment Fund for 3,926,701 shares for CNY 14,999,997.82, Dehui Zunxiang No. 9 Private Securities Investment Fund for 227,446 shares for CNY 868,843.72 and other investors.