Beijing Watertek Information Technology Co., Ltd. announced a private placement of 393,442,622 A shares at an issue price of CNY 3.05 per share for gross proceeds of up to 1,199,999,997.10 on September 1, 2022. The transaction will include participation from Mianyang Science and Technology City New District Junwei Technology Co., Ltd. The final number of shares to be issued is subject to the number approved by the China Securities Regulatory Commission for registration. After the completion of this issuance to specific objects, the shares subscribed by the issuer shall not be listed, traded or transferred within 18 months from the end of the issuance.

On the same date, the transaction was approved at the company's fifteenth meeting of the fifth board of directors. The transaction still needs to be reviewed and approved by the general meeting of shareholders of company and be approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission.