Tongling Huaxiang Asset Management Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 200,000,000 on July 22, 2020. The transaction will involve participation from existing investors, Shanghai Xiangfeng Investment Co., Ltd. CNY 145,000,000 and WenYi Trinity Technology Co., Ltd (SHSE:600520) for CNY 55,000,000. Post-closing of the transaction, the registered capital of the company will increase from CNY 200,000,000 to CNY 400,000,000. Post-closing of the transaction, Shanghai Xiangfeng Investment Co., Ltd. will hold 73.75% stake and WenYi Trinity Technology Co., Ltd (SHSE:600520) will hold 26.25% stake in the company. The transaction has been approved by the board of directors of WenYi Trinity Technology Co., Ltd at its tenth meeting of the seventh directorate. The transaction does not need to be submitted to its shareholders for approval.