On 6 March 2020, the application filed by Fujian Yuanli Active Carbon Co., Ltd. (“Fujian Yuanli”, stock code 300174.SZ) for its non-public offering was passed and approved by China Securities Regulatory Commission.

As established in 1999, Fujian Yuanli mainly engaged in the research, development, production and sale of sodium silicate. Its annual output has increased by 160 times from 500 tons at the time of establishment to 80,000 tons in 2019. Activated carbon products covering fermentation, food additives, pharmaceuticals, chemicals, water treatment, environmental protection and other industries, enjoy a high market reputation and brand loyalty.

The company offered no more than 73.44 million A-shares and raised the fund up to RMB 883.45 million, which will be used to optimize product structure and enhance R&D capacity.

Grandall Fuzhou has been retained as the legal advisor for the refinancing project with Mr. LI Tong, Mr. GAO Peng, and Mr. XIANG Liang as key lawyers servicing the project.