Grandway Advised Changyou Technology on IPO Project Approved by SZSE

On April 20, 2023, Jiangsu Changyou Environmental Protection Technology Co., Ltd. (“Changyou Technology”) was approved by Listing Committee of Shenzhen Stock Exchange in 2023 at its 24th deliberation meeting for initial public offering of shares and listing on ChiNext.

Changyou Technology is mainly engaged in R&D, production and sales of polymer composite products and lightweight sandwich material products, including wind turbine covers, wind power lightweight sandwich material products, cover molds, and railroad vehicle components for wind power. With strong competitive advantages, Changyou Technology has established stable and good cooperation relationships with many famous domestic wind turbine manufacturers such as CRRC, Envision Group, Electric Wind Power, Windey, Sany Heavy Energy, Dongfang Electric, Goldwind Science&Technology, Ming Yang Smart Energy, and indirectly achieved sales to foreign clients such as Siemens Gamesa. Changyou Technology has been awarded the honorary titles of “Best Supplier” and “Excellent Supplier of the Year” by famous host manufacturers in the industry such as CRRC, Envision Group and Sany Heavy Energy for many times.

Changyou Technology intends to issue not exceed 11,080,000 shares and the total amount of funds to be raised will be RMB 763,000,000. After deducting issuance costs, the actual proceeds will be used for wind power high performance composite parts production line expansion project, lightweight composite parts production line expansion project, R&D center project and bank loan repayment and supplying working capital.