On August 4, 2023, Guangdong Sanhe Pile Co., Ltd., closed the transaction. The company issued 95,238,095 shares at a price of CNY 10.50 per share for the gross proceeds of CNY 999,999,997.50. The transaction included participation from new investors, Guotai Junan Securities Co., Ltd. for 10,285,714 shares investing CNY 107,999,997.00 for 1.72% stake in the company, China Asset Management Co.

Ltd. for 4,895,238 shares investing CNY 51,399,999.00, Nuode Asset Management Co., Ltd., for 20,758,095 shares investing CNY 217,959,997.50 for 3.47% stake in the company, Caitong Fund Management Co., Ltd. for 25,257,142 shares, investing CNY 265,199,991.00 for 4.22% stake in the company, Guangdong Henghang Industrial Investment Fund Partnership Enterprise (L.P.), a fund managed by, Guangdong Hengjian Asset Management Co., Ltd., for 9,514,285 shares, investing CNY 99,899,992.50 for 1.59% stake in the company, Huatai Asset Management Co., Ltd.-Huatai Youyi stock-specific pension product, for 2,857,142 shares, investing CNY 29,999,991.00, Huatai Asset Management Co., Ltd.-Huatai Asset Management-Agricultural Bank of China, for 2,721,904 shares, investing CNY 28,579,992.00, Huatai Asset Management Co., Ltd.-Huatai Asset Management-Industrial Bank-Huatai Asset Huatai Robust, for 2,721,904 shares, investing CNY 28,579,992.00, Huatai Asset Management Co., Ltd.-Huatai Asset Management-CITIC Bank, for 2,721,904 shares, investing CNY 28,579,992.00, Huatai Asset Management Co., Ltd.-Huatai Preferred No. 3 Equity Pension Products for 2,721,904 shares, investing CNY 28,579,992.00, Guangdong Rongchuang Lingyue Intelligent Manufacturing and Information Technology Industry Equity for 4,761,904 shares, investing CNY 49,999,992.00, Shanghai Tuopai Private Fund Management Co., Ltd. for 577,151 shares, investing CNY 6,060,085.50, individual investor, Xie Kai for 2,721,904 shares, investing CNY 28,579,992.00. As a part of the transaction, the company will pay CNY 14,686,954.03 as issuance fees.