Asia Cuanon Technology (Shanghai) Co., Ltd announced that it has entered into Share Subscription Agreement for a private placement of not more than 30,943,785 shares at an issue price of CNY 19.39 per share for gross proceeds of CNY 599,999,991.15 on November 15, 2021. The transaction will include participation from returning individual investor Li Jinzhong. The shares cannot be transferred within 18 months from the issuance closing date. The transaction has been approved in the 22nd Meeting of the Company?s 4th Directorate and is subject to the approvals of the Company?s Shareholders and the China Securities Regulatory Commission.