Hunan Boyun New Materials Co.,Ltd announced that it ha signed a share subscription agreement to issue 141,394,513 A shares for gross proceeds of CNY 631,096,600 on November 23, 2020. The issuance price shall not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors, including Hunan Xingxiang Zhongzheng Xinying Equity Investment Fund Partnership Enterprise (Limited Partnership) for CNY 50,000,000 and Hunan Xingxiang Fangzheng Equity Investment Fund Enterprise (Limited Partnership) between CNY 50,000,000 to CNY 100,000,000. The securities issued will have a hold period of 6 months from issuance closing date if subscribe by Hunan Xingxiang Zhongzheng Xinying Equity Investment Fund Partnership Enterprise (Limited Partnership) and hold period of 18 months from issuance closing date Hunan Xingxiang Fangzheng Equity Investment Fund Enterprise (Limited Partnership). The transaction has been approved in the 13th meeting of the company's 6th directorate and at the 8th meeting of the 6th supervisory board. The transaction is subject to approval at shareholders meeting, the Hunan SASAC, the State Administration of Science, Technology and Industry for National Defense, PRC, and the China Securities Regulatory Commission.