Shandong Ruifeng Chemical Co., Ltd. announced a private placement of not more than 14,957,264 A shares at a price of CNY 7.02 per share for gross proceeds of not more than CNY 105,000,000 on December 13, 2022. The transaction will include participation from returning investor Zhou Shibin, actual controller and chairman of the company. The shares to be issued shall have a lock up period of 18 months.

The transaction has been approved at the 6th meeting of the 5th board of directors of the company, and it still needs to be approved by the company's general meeting of shareholders, the Shanghai Stock Exchange and the China Securities Regulatory Commission. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.