Asia Cuanon Technology (Shanghai) Co., Ltd. (SHSE:603378) announced that it has entered into a subscription agreement with individual investor Li Jinzhong for a private placement of not more than 11,373,329 A shares at a price of CNY 35.17 per share for gross proceeds of not more than CNY 399,999,981 on July 13, 2020. The shares to be issued cannot be transferred within 18 months from the date of issuance. The transaction has been approved in the 2nd session of the 4th directorate of the company, and is subject to approval in shareholder's meeting of the company, and from China Securities Regulatory Commission.