Huafeng Test & Control Technology (Tianjin) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 200,000,000 on August 24, 2021. The transaction will include participation from returning investor Beijing Huafeng Test & Control Technology Co., Ltd. The transaction has been approved at the eighth meeting of the second board of directors and the seventh meeting of the second board of supervisors of the investor. As a result, CNY 10,000,000 will be added to company's registered capital and the remaining CNY 190,000,000 will be added to the capital reserve.

Post closing of the transaction, registered capital of the company will increase from CNY 60,000,000 to CNY 70,000,000, and the investor will retain 100% stake in the company.