Guangdong Tianan New Material Co., Ltd. announced a private placement of not less than 8,000,000 A shares and not more than 13,000,000 Ashares at the price of CNY 6.13 per share for gross proceeds of not less than CNY 49,040,000 and not more than CNY 79,690,000 on April 25, 2022. The transaction will include participation from returning investor Wu Qichao. The transaction has been approved at the twenty-second meeting of the third board of directors of the company. The transaction still needs to be reviewed and approved by the company's general meeting of shareholders and approved by the China Securities Regulatory Commission.

On September 3, 2022, the company announced that the company received “China Securities Regulatory Commission Administrative License Application Receipt” (Acceptance No. 222106) issued by the China Securities Regulatory Commission, having reviewed and decided to accept the Company's private placement application.

On January 16, 2023, the company announced that the Issuance Review Committee of the China Securities Regulatory Commission has approved the application for the non-public offering of shares.