Asia Development Capital Co. Ltd. announced that it has signed a private placement agreement to issue 764,940,100 common shares at a price of ¥0.3 per share for gross proceeds of ¥ 229,482,030 on June 22, 2023. The transaction will include participation from individual investor Xu, Tianxiong for ¥ 229,482,030.

The transaction is expected to close on July 10, 2023. The company will pay issue expenses of ¥ 13,000,000 in the transaction. The company will raise the funding through third-party allotment.