21, Shanshan announced that the company intends to issue a shares to specific targets, and that the target of issuing a shares to specific targets is Conch Group, which subscribes to all the shares issued by the company in cash. The total amount of funds raised by the issuance of a shares to specific targets shall not exceed 4 billion yuan (including this figure). After
deducting the issuance fee, the net fund raised will be used for the project of an integrated base with an annual output of 150000 tons of lithium-ion battery anode materials and supplementary liquidity.

According to the announcement, the issue was fully subscribed by Conch Group. Conch Group currently holds 60% of Wanwei Group, the controlling shareholder of Shanshan.

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