On December 14, Zimbabwean President Emerson Mnangagwa, Zimbabwean Vice President, Minister of Mining and Mining Development, and Chairman of Zimbabwe Mining Association inspected the Shengxin Lithium Sabi Star Lithium Mine Project. Xinhua News Agency, Zimbabwe National Television, Zimbabwe Newspaper Television Network and other mainstream media at home and abroad pay attention to the report. Mugova Elfas, the local outreach manager of Sabistar Project, introduced to the President in detail the progress of Sabistar Project mine development and construction, external road upgrading, mineral processing infrastructure construction and thermal power plant construction. At the same time, he also made a detailed report on the project's participation in the construction of local community roads, houses, living wells and clinics, and the renovation of primary and secondary schools and other community charity work. The Sabistar project is expected to be completed and put into operation early next year and will produce about 200000 tons of lithium concentrate per year. The Sabi Star project will provide 500 to 600 local jobs when it is operating at full capacity, alleviating local employment pressure. After visiting the project, the president personally operated the excavator to complete the foundation of the project and delivered a speech to all the participants. The president said, "This investment project is our most welcome project, and it will develop into a full industrial chain project with high production capacity and high added value that we expect. This project will, together with other investment projects, promote the modernization, industrialization and economic development of Zimbabwe. I expect Chinese professionals on this project to train and impart relevant professional knowledge to our local people, to train a group of highly qualified skilled workers for Zimbabwe. This is consistent with the requirements of the National Development Strategy 1(NDS1) that we follow in developing the mining industry." The president also said that the project has always been committed to creating wealth for more people in the whole region and even the whole province, so that the people of Zimbabwe can live a better life and promote the local economic development. "I am very pleased that before this project starts to operate, it has already begun to contribute to the people of Haila area. The Sabi star lithium mine project will upgrade teaching facilities for local primary and secondary schools, which is very remarkable, this project has benefited the local community in many ways and contributed to the economic development of the local area. Now because of the existence of the Sabi Star lithium project, the past mining model that destroyed the environment and was unsustainable, and the local people and the Zimbabwean country could not benefit from mining companies is gone forever" President Emmerson Mnangagwa's speech greatly encouraged the local people, local colleagues and Chinese colleagues of Shengxin Lineng. Amid applause, Xu Hui, general manager of the Sabi Star project, presented a gift from China to the president, marking the successful conclusion of the inspection.

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On October 31, 2022, Shengxin Lithium Energy's non-public offering of shares was approved by the China Securities Regulatory Commission's Issuance Examination Committee! This non-public offering introduces BYD as a strategic investor, and the raised funds shall not exceed 2.3 billion yuan, which shall be fully subscribed by BYD, and all the raised funds shall be used to supplement working capital and repay debts. As one of the leaders in the global new energy vehicle industry, BYD has the world's leading battery, motor, electronic control and vehicle core technologies, and occupies a large market share of new energy vehicles. The introduction of BYD as a strategic investor will help the two sides to further deepen cooperation in the fields of raw material purchase, sale and processing, technical cooperation and exchange, cooperative development of mineral resources, and coordination of industrial chain resources, so as to realize resource sharing and complementary advantages. Under the background of "carbon peak, carbon neutral", the world's major economies actively promote the development of green transformation, the vigorous development of the new energy vehicle industry, the rapid growth of energy storage demand, driving the lithium battery and lithium new energy materials industry into the fast lane of development. After the funds raised from this non-public offering are in place, it can supplement the working capital required for the company's business expansion, enhance the company's financial strength and anti-risk ability, and help the company to optimize its business layout, financial capabilities, and talent introduction, and help the company grasp The opportunity for the rapid development of the lithium battery new energy industry will accelerate the realization of the strategic goal of "committed to becoming a global leader in lithium battery new energy materials.

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