On November 29, 2022, Shantou Wanshun New Material Group Co., Ltd. closed the transaction.The company issued 180,977,272 shares at an issue price of CNY 8.80 per share for an aggregate gross proceeds of CNY 1,592,599,993.6. After deducting various issuance expenses of CNY 32,463,506.21, the actual net raised funds which is CNY 1,560,136,487.39, of which, the increase share capital is CNY 180,977,272.00, and the increased capital reserve is CNY 1,379,159,215.39. The transaction will include participation from Huaibei Jianyuan Green Gold Carbon Valley Venture Capital Fund Partnership (Limited Partnership) by CNY 299,999,999.20 for 34,090,909 shares, Caitong Fund Management Co., Ltd. by CNY 260,899,997.60 for 29,647,727 shares, UBS Group AG by CNY 176,000,000 for 20,000,000 shares, Nuode Asset Management Co., Ltd. by CNY 167,499,992 for 19,034,090 shares, Huaibei Industry Support Fund Co., Ltd. by CNY 99,999,996.80 for 11,363,636 shares, China Asset Management Co., Ltd. by CNY 97,699,993.60 for 11,102,272 shares, Qingdao Huazi Shengtong Equity Investment Fund Partnership Enterprise (L.P.), a fund managed by Qingdao S&T Venture Capital Co., Ltd., an investment arm by CNY 79,999,999.20 for 9,090,909 shares, Xiangjiang Industrial Investment Co.,ltd. by CNY 50,999,995.20 for 5,795,454 shares, Anhui High-tech Investment New Material Industry Fund Partnership (Limited Partnership), a fund managed by Anhui Longhuahui Equity investment Management Enterprise (LP), an investment arm by CNY 49,999,998.40 for 5,681,818 shares, Guodu Securities Co.,Ltd. by CNY 49,999,998.40 for 5,681,818 shares, individual investors, Zhang Chaoyi by CNY 99,999,996.80 for 11,363,636 shares, Huang Songqing by CNY 59,999,992.80 for 6,818,181 shares, Zhu Rongbin by CNY 50,499,996.80 for 5,738,636 shares and Chen Shulin by CNY 49,000,036.80 for 5,568,186 shares.