Dongguan Aohai Technology Co., Ltd. announced a private placement to issue not more than 70,512,000 A shares for gross proceeds of not more than CNY 1,995,624,200 on July 23, 2021. The round will see participation from not more than 35 investors. The pricing base date is the first day of the issuance period. The issue price is not less than 80% of the average price of the company’s stock during the 20 trading days prior to the pricing base date. The shares issued in the transaction is subject to a lock up period of 6 months from the closing of the transaction. The transaction has been approved at the 8th Meeting of the 2nd Directorate and the 8th Meeting of the 2nd Supervisory Board and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.