there is a new district in Qingdao where they started building it .. if you would have followed the news and Ronghe (which is quite an impressive company + gov folks).
Now, the cash raise happened was probably to fund their share in this project and also the US expansion. Whether this was dilution has to be seen - from here, it was more than accretive IMHO (gain of value due to expansion).
See the ADS count (1 ADS for 10 ordinary shares), our US outstanding shares.
We are (Class A + B) below 50M ADS at around 49.07M only.