Shengneng Group announced that all preconditions for the sale of existing shares and subscription of new shares have been completed. The seller will first sell 50 million shares, with an offering price of 0.325 Hong Kong dollars per share. After the subscription is completed, 50 million new shares will be issued at a subscription price of 0.325 Hong Kong dollars per share, with a net profit of approximately 0.318 Hong Kong dollars per share. The new shares account for 4.72% of the expanded share capital of the company. The net proceeds of approximately 15.9 million Hong Kong dollars will be used for the development of graphite electrodes business and to supplement working capital.