The company recently issued the “Notice on the Non-public Issuance of A Shares”, explaining the actual capital raised in the company's just-concluded non-public offering of A shares. The company disclosed its non-public stock offering plan in October 2010, and the plan was adjusted in 2011/6. In September 2011, the China Securities Regulatory Commission conditionally approved the plan. The company originally planned to issue no more than 50 million shares at a price of no less than 1230 yuan. The actual issuance of 39,023,437 shares, with an issue price of 12.80-15.00 yuan, raised total capital close to 500 million yuan. After deducting issuance fees and other expenses, the actual amount raised was close to 478 million yuan. The company plans to raise 598 million yuan (net) in its adjustment plan, and the total investment required for the project is 622 million yuan. The difference between this is 24 million yuan, which will be raised separately. Currently, since the actual capital raised is about 478 million yuan, the difference between the capital raised and the actual capital required has widened to about 144 million yuan. According to the company's 2010 report and 2011 three-quarter report, the company's D-to-ERATIO is 1.07 and 0.84, respectively. If the company goes through this private offering, and if the 144 million yuan is raised through banks, the company's D-to-ERATIO is 1.52. Looking at companies in the same industry (whether from the perspective of the paper industry or power batteries), the debt ratio is slightly higher. Of course, not all of this $144 million will have to be raised from banks.