Shanghai SafBon Shenao Environmental Protection Technology Co., Ltd. announced that it will issue common stock for gross proceeds of CNY 20,000,000 on December 22, 2020. The transaction will include participation from returning investor for 100% stake in the company. Post the transaction, the registered capital of the company will increase from CNY 10 million to CNY 30 million. The transaction was reviewed received approval at the 22nd meeting of the 4th directorate and the 16th meeting of the 4th board of supervisors of investor.