Jinhong Copper (Vietnam) Co., Ltd. announced a placement of common shares for gross proceeds of $19.70 million on July 19, 2023. The transaction will include participation from returning investor, Zhejiang Wandekai Fluid Equipment Technology Co., Ltd. The transaction has been approved at the fourth meeting of the third board of directors and the fourth meeting of the third board of supervisors of Zhejiang Wandekai Fluid Equipment Technology Co., Ltd. and still needs to be submitted to the company's shareholders' meeting for review. The registered capital of the company will be increased to $31.80 million after the transaction.