Chongqing Wanli New Energy Co., Ltd. announced a private placement of common shares for gross proceeds of not more than CNY 150,000,000 on January 19, 2022. The transaction will include participation from not more than 35 investors. The issue price shall not be lower than 80% of the average stock trading price of the listed company in the 20 trading days before the pricing benchmark date.

The shares issued are subject to lock period of 6 months from issuance. The transaction has been approved by the board of directors of the company and is subject to approval from shareholders and the China Securities Regulatory Commission.