Chaoyang Black Cat Wuxingqi Carbon Black Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 150 million on December 21, 2021. The transaction will include participation from returning investor Jiangxi Black Cat Carbon Black Inc.,Ltd whose stake will increase from 80% to 92% stake in the company. Post the transaction the registered capital will increase from CNY 100 million to CNY 250 million.

The transaction has been approved in the second meeting of the seventh board of directors of the investor and do not need to be submitted to the general meeting of shareholders for deliberation.