Xiamen Yanjan New Material Co., Ltd. announced a private placement of up to 45,531,000 shares for gross proceeds of CNY 400,000,000 on March 18, 2021. The company will issue A shares in the transaction. The transaction will not include more than 35 investors in this transaction.

The issue price shall not go lower than 80% of the average price of the shares of the company 20 trading days prior to the first day of issuance. The securities will have a hold period of 6 months. The transaction was approved at the 21st meeting of the 2nd directorate of the company.

The transaction needs approval from Shenzhen Stock Exchange and from the China Securities Regulatory Commission for registration.