Shandong Weifang Rainbow Chemical Co., Ltd announced a private placement of not more than 83,134,723 A shares for gross proceeds of not more than not more than CNY 2,547,045,100 on January 31, 2023. The transaction will include participation from not more than 35 investors. Issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 7th meeting of the company's 4th directorate and is subject to the approvals of the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.