Grandway Advised Crown Advanced Material on the Issuance of Shares to Specific Investors Approved by Shanghai Stock Exchange

On June 23, 2022, the Shanghai Stock Exchange approved the application of Crown Advanced Material Co., Ltd. (Crown Advanced Material, 688560) to issue shares to specific investors.

Total proceeds to be raised from the issuance of shares will not exceed RMB 1,720,000,000 that is intended for aluminum-plastic film construction project of Jiangxi Mingguan Lithium Film Technology Co., Ltd. with annual production capacity of 200 million square meters, fluorine-free backsheet construction project of Jiangxi Jiaming Film Material Co., Ltd. with annual production capacity of 100 million square meters and replenishment of working capital. It is an important step for the Company to follow the development trend of the new energy industry, consolidate its competitive position in photovoltaic backsheets, expand the market of aluminium-plastic film products, and continue to implement its vision of the domestic alternative.