SafBon Water Service (Holding) Inc. (SZSE:300262) announced that it has entered into an agreement to issue 200,930,099 A shares at a price of CNY 3.13 per share for gross proceeds of not more than CNY 628,911,210 on April 7, 2021. The transaction will include participation from Shandong Gaochuang Construction Investment Group Co., Ltd. The securities issued will not be transferred within 36 months after the issuance. The transaction has been approved at the 25th session of the company's 4th directorate. The transaction is still subject to approval from company's shareholders' at its meeting, Weifang High-Tech Finance Bureau, Shenzhen Stock Exchange and China Securities Regulatory Commission.

On March 15, 2022, the company announced that the company and its current directors are under investigation by the China Securities Regulatory Commission for suspected violations of laws and regulations, and the company is not allowed to issue stocks to specific investors. The company and its vice chairman, Zhang Chunlin, are currently being investigated by the China Securities Regulatory Commission. Because the company is currently unable to judge the impact of this matter on the subsequent company's issuance of stocks to specific objects, the company has decided to stop issuing stocks to specific objects after communicating and discussing with multiple parties. After the China Securities Regulatory Commission has completed the investigation, the company will comprehensively judge whether to reconsider the relevant plan for issuing stocks to specific objects based on the results of the investigation and meeting the conditions for issuing stocks to specific objects.