Grandway Advised Kuncai Technology on Non-public offering Approved by Issuance Appraisal Committee of CSRC

On September 5, 2022, non-public offering of Fujian Kuncai Material Technology Co., Ltd. (“ Kuncai Technology”)(stock abbreviation: Kuncai Technology, stock code: 603826) was approved by Issuance Appraisal Committee of China Securities Regulatory Commission.

Kuncai Technology has been committed to R&D, production and sales of pearlescent materials. Its products are widely used in paint, plastic, automobile, cosmetics, food, daily chemical and other industries.

The total amount of funds to be raised by Kuncai Technology will not exceed RMB 3,850.00 million, which will invest in “The project of 600,000 tons/year titanium dioxide added by Zhengtai New Material” and supplement working capital. After completion of the project, it will optimize the company’s product structure, enhance the company’s profitability, deepen the company’s partnership with clients, improve the company’s management capabilities and operational efficiency, and thus enhance the company’s core competence to a greater extent.