On August 16, 2023, Ning Xia Yin Xing Energy Co.,Ltd closed the transaction. The company issued 211,835,699 A Shares at an issue price of CNY 6.46 per Share for the gross proceeds of CNY 1,368,458,615.54. The company has disclosed the issue expenses of CNY 6,629,201.40.

The transaction included participation from returning investors China Aluminum Ningxia Energy Group Co., Ltd. for 85,221,501 shares for CNY 550,530,896.46, Caitong Fund Management Co., Ltd. for 10,303,060 shares for CNY 66,557,767.60, new investors Central Enterprise Rural Industry Investment Fund Co., Ltd. for 61,919,504 shares for CNY 399,999,995.84, Jinan Guohui Luyin Industry Investment Fund Partnership Enterprise (Limited Partnership) for 8,865,325 shares for CNY 57,269,999.50, Yunnan Energy Investment Capital Investment Co., Ltd. for 7,739,938 shares for CNY 49,999,999.48, Nuode Asset Management Co., Ltd. for 4,953,560 shares for CNY 31,999,997.60, Huatai Youyi Stock-Specific Pension Products - Agricultural Bank of China Limited for 4,643,962 shares for CNY 29,999,994.52, Shanghai Jingxian Investment Co., Ltd. for 4,040,247 shares for CNY 26,099,995.62, Lombarda China Fund Management Co., Ltd. for 4,024,767 shares for CNY 25,999,994.82, Sha Huiming for 4,024,767 shares for CNY 25,999,994.82, Huatai Preferred No. 3 Stock-Type Pension Product - Industrial and Commercial Bank of China Limited for 4,024,767 shares for CNY 25,999,994.82, Huatai Asset Management-CITIC Bank-Huatai Asset Steady Win Preferred Asset Management Products for 4,024,767shares for CNY 25,999,994.82, Guotai Junan Assets (Asia) Limited for 4,024,767 shares for CNY 25,999,994.82, Yinchuan Industry Fund Management Co., Ltd. for 4,024,767 shares for CNY 25,999,994.82. Post completion, the investors China Aluminum Ningxia Energy Group Co., Ltd. for 369,311,401 shares for 40.23% stake, Central Enterprise Rural Industry Investment Fund Co., Ltd. for 61,919,504 shares for 6.75% stake, Jinan Guohui Luyin Industry Investment Fund Partnership Enterprise (Limited Partnership) for 8,865,325 shares for 0.97% stake,Yunnan Energy Investment Capital Investment Co., Ltd. for 7,739,938 shares for 0.84% stake, Huatai Youyi Stock-Specific Pension Products - Agricultural Bank of China Limited for 4,643,962 shares for 0.51% stake and Shanghai Jingxian Investment Co., Ltd. for 4,040,247 shares for 0.44% stake.