On August 25, 2021, China National Chemical Engineering Co., Ltd closed the transaction. The company has issued 1,176,470,588 shares of par value, CNY 1 at a price of CNY 8.50 per share for gross proceeds of CNY 9,999,999,998 in the transaction. The transaction included participation from China National Chemical Engineering Group Corporation Ltd. for CNY 2,999,999,996, Jinshi Manufacturing Transformation and Upgrading New Materials Fund (L.P.), a fund managed by Beijing Taiyou Investment Management Co., Ltd. for CNY 1,499,999,998, E Fund Management Co., Ltd. for CNY 607,999,993.50 and other investors.

The transaction will no more included participation from Ningxia Baofeng Energy Group Co., Ltd. Of the proceeds, CNY 1,176,470,588 will go towards share capital and CNY 8,790,616,439.63 towards capital reserve. The company has incurred issuing costs of CNY 32,912,970.37 and will receive net proceeds of CNY 9,967,087,027.63 in the transaction.