Qingdao Guolin Environmental Technology Co.,Ltd. announced a private placement to issue not more than 36,803,200 shares for an aggregate gross proceeds of not more than CNY 248,000,000 on May 17, 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 at the annual general shareholders meeting of 2022 and approved authorizing the company's directorate for the transaction.