On October 19, 2021, Beijing Sanfo Outdoor Products Co., Ltd closed the transaction. The company issued 12,218,843 shares at a price of CNY 15.81 per share for gross proceeds of CNY 193,179,907.83 in the transaction. The transaction included participation from a group of investors including Silver Leaf Gongyu No.

9 Private Equity Securities Investment Fund for CNY 7,179,985.02 and Silver Leaf Xinyu Optimal Phase 2 Private Equity Securities Investment Fund for CNY 3,199,991.43, funds managed by Shanghai Silver Leaf Investment Co., Ltd., Enjoy Yingshanhong No. 4 Private Equity Securities Investment Fund, Enjoy Quantitative Stable Profit Phase 3 Private Equity Securities Investment Fund and Enjoy Kaiyang No. 9 Private Equity Securities, funds managed by Ningbo Ningju Asset Management Center (Limited Partnership) for CNY 9,999,998.91 each and new investor Beijing New Power Quality Enterprise Development Fund (Limited Partnership), a fund managed by Beijing Xicheng Jinrui Equity Investment Fund Management Co., Ltd. for CNY 99,999,989.10 for a stake of 4.01% in the company.

The company received net proceeds of CNY 185,994,129.44 after deduction of issuance expenses.