On December 28, 2022, the company amended the terms of the transaction. The company will issue shares at an issue price of CNY 13.60 per share. The company will raise supporting funds of not more than 100% of the merger?s transaction price by issuing not more than 30% of total share capital to not more than 35 investors, including China National Materials Group Corporation Ltd., for CNY 60,060,000.

The shares will be priced at not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares China National Materials Group Corporation Ltd. subscribed cannot be transferred within 18 months from the issuance closing date. The shares the other investors subscribe to cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 9th and 13th Meetings of the Company?s 8th Directorate.