Guangdong Xianglu Tungsten Co., Ltd. announced a private placement of not more than 82,872,167 A shares for gross proceeds of not more than CNY 840,887,100 on August 22, 2023. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved at the 4th extraordinary meeting of 2023 of the 4th directorate and the 15th meeting of the 4th supervisory board of the company. The transaction still needs to be approved by the company?s shareholders, the Shenzhen Stock Exchange and the China Securities Regulatory Commission.