Argus (Shanghai) Textile Chemicals Co.,Ltd. announced a private placement of common shares on May 8, 2023. The transaction included participation from not more than 35 specific investors. The transaction has been approved at the twentieth meeting of the company's fourth board of supervisors and at the twenty-fourth meeting of the fourth board of directors of the company.

The transaction still needs to be reviewed and approved by the board of directors, Shanghai Stock Exchange, and China Securities Regulatory Commission. The shares to be issued shall not be transferred within 6 months from the date of completion of the issuance of such shares.