Jiangsu Rongtai Industry Co., Ltd. announced a private placement of not exceed 55,849,144 A shares for the gross proceeds of not exceed CNY 1,050,000,000 on December 2, 2023. The 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.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the shareholder's of the company in the 19th meeting of the company's second board of directors and the first extraordinary shareholders' meeting in 2023. The transaction is subjected to approval from Shanghai Stock Exchange and China Securities Regulatory Commission.