Anhui Huaqi Environmental Protection & Technology Co., Ltd. entered into a purchase agreement for the private placement of 19,267,822 common shares at an issue price of CNY 10.38 per share for gross proceeds of CNY 199,999,992.360 on March 29, 2023. The transaction will include participation from Jiangdong Holding Group Co.,Ltd. The securities have a hold period of 36 months for the issuance closing date. The transaction has been approved at the 10th and 13th meetings of the company's fourth directorate and is subject to the approval from the company's shareholders, State-owned Assets Supervision and Administration Commission of the State Council, State Administration for Market Regulation’s Business Concentration Anti-monopoly Review and China Securities Regulatory Commission.

On March 29, 2023, The transaction has been approved by thirteenth meeting of the fourth board of directors and the eleventh meeting of the fourth board of supervisors. The company has still needs the approval from the company's shareholders and China Securities Regulatory Commission.