Zhejiang Provincial Engineering Consultants Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 158,000,000 on July 21, 2021. The transaction will include participation from returning investor, ARTS Group Co., Ltd. for CNY 142,200,000 and individual investor Gao Hongzhou for CNY 15,800,000 with 90% and 10% stake in the company respectively. Post the transaction, the registered capital if the company will increase from CNY 10,000,000 to CNY 168,000,000.

The transaction has been approved in the 10th session of the 4th directorate meeting of ARTS Group Co., Ltd.