On June 7, 2023, Guangdong Tianan New Material Co., Ltd. closed the transaction. The company issued 13,000,000 A shares at an issue price of CNY 6.130 per share for gross proceeds of CNY 79,690,000. The transaction included participation from returning individual investor, Wu Qichao for 13,000,000 shares increasing its holdings from 63,105,600 shares, 30.73% stake, to 76,105,600 shares, 34.85% stake.

The company incurred issuance fees of CNY 6,165,094.330, thus receiving net proceeds of CNY 73,524,905.670.