Zhejiang Tony Electronic Co., Ltd announced a private placement for 63,877,572 A shares for gross proceeds of not more than CNY 500,000,000 on April 12, 2021. The issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The transaction will include participation from not more than 35 investors.

The transaction has been approved in the 24th meeting of the 2nd directorate of the company and are subject to the approval of the company's shareholders meeting and the China Securities Regulatory Commission. All securities issued in the transaction have a hold period of 6 months.