Lanxi Boguan Recycling Technology Co., Ltd. announced a private placement of 5,026,257 common share at CNY 13.33 per CNY 1 registered capital for gross proceeds of 67,000,000 on June 26, 2023. The transaction has been approved in 7th meeting of the company?s 3rd directorate and does not need shareholder's approval. The transaction will include participation from new investor Zhejiang Power New Energy Co., Ltd. for 4.85% stake, Xiamen Jianfa Emerging Industries Equity Investment No.

16 Partnership Enterprise for 5.35% stake, Shenzhen Hongshi Huida No. 1 Investment Enterprise (Limited Partnership) for 2.57% stake, Hangzhou Deyi Boyue Industry Innovation Management Partnership Enterprise (Limited Partnership) for 1.71% stake and Zhang Yuxuan for 2.14% stake.