announced a private placement of common shares for the gross proceeds of CNY 130 million on April 4, 2023. The transaction will include participation from Sunstone Development Co., Ltd., Shandong Hongtuo Industrial Company Limited and Shandong Innovation Group Co., Ltd. The registered capital of company will increase from CNY 645,768,869.00 to CNY 691,622,549.90. The transaction has been approved in the 4th session of the company's 5th directorate and the 2nd session of the company's 5th supervisory board.

Prior completion, Shandong Hongtuo Industrial Company Limited invested CNY 96,000,000 representing 14.8660% stake and Shandong Innovation Group Co., Ltd. invested CNY 139,200,000.00 representing 21.5557% stake. Post completion, Shandong Hongtuo Industrial Company Limited will invest CNY 105,170,736.18 representing 15.2064% stake and Shandong Innovation Group Co., Ltd. will invest CNY 152,497,567.46 representing 22.0492% stake.