Hubei Shuanghuan Science and Technology Stock Co.,Ltd announced a private placement of not more than 139,243,729 A shares for gross proceeds of not more than CNY 1,200,000,000 on January 16, 2023. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The company has entered into share subscription agreement with the investors. The transaction included participation from not more than 35 investors, including returning investor Hubei Shuanghuan Chemical Group Ltd. for CNY 140,000,000 to CNY 200,000,000. The shares subscribed by Hubei Shuanghuan Chemical Group Ltd. cannot be transferred within 18 months from the issuance closing date, and the shares subscribed by other investors subscribe to cannot be transferred within 6 months from the issuance closing date. The transaction was approved at the 20th meeting of the company?s 10th directorate, and is subject to the approvals of the authorized state-owned assets examination and approval unit, the company?s shareholders, and the China Securities Regulatory Commission.

On January 16, 2023, the company announced that the private placement of A shares was approved at the 20th meeting of the 10th directorate and the 9th meeting of the 10th supervisory board.