On July 5, 2023, Qingdao Huicheng Environmental Technology Group Co., Ltd. closed the transaction. The company issued 27,000,000 shares at a price of CNY 11.72 per share for the gross proceeds of CNY 316,440,000. After the expenses of CNY 8,070,377.36, the net proceeds of the offering will be CNY 308,369,622.64.

After the issuance, Zhang Xingong owns 44,060,250 shares in the company and accounting for 32.60% stake.