Grandway Advised Cangzhou MingZhu Plastic on its PIPE Financing

On June 6, 2022, the application for Non-public Offering of Stock (“PIPE”) by Cangzhou MingZhu Plastic Co.,Ltd.’s (“Cangzhou Pearl”) for which Grandway provided legal services, was approved by the Issuance Examination Committee of China Securities Regulatory Commission.

Cangzhou MingZhu Plastic proposes to raise RMB 1,375,150,000 (inclusive) from this issue, which is intended to be used for high-barrier nylon film project (Wuhu) with the annual production capacity of 38,000 tons, high-barrier nylon film project (Cangzhou) with the annual production capacity of 38,000 tons, replenishment of working capital and repayment of the bank loan. The implementation of the projects is conducive to increasing the production capacity of BOPA film products of Cangzhou MingZhu Plastic to meet the demand of customers, reducing financial risks, and further improving profitability.