Advanced Fiber Resources (Zhuhai), Ltd. announces private placement of 8,000,000 shares at an issue price of CNY 22.5 per share for gross proceeds of CNY 180,000,000 on December 8, 2023. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

The transaction has been approved in the 26th Meeting of the 3rd Directorate. The transaction is subject to the Company?s Directorate?s approval of the specific plan and the approvals of the Shenzhen Stock Exchange and the China Securities Regulatory Commission.