Nanjing Estun Kuzhuo Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 12.5 million on August 29, 2023. The transaction will include participation from new investor Estun Automation Co., Ltd for a 20% stake in the company. The transaction has been approved in the 2nd session of the investor?s 5th directorate.

Post the transaction, out of CNY 12.5 million, CNY 7.5 million will be added to the registered capital of the company and the remaining will be added to the capital reserve of the company and the registered capital of the company will increase from CNY 30 million to CNY 37.5 million. The capital increase price is CNY 1.67 per CNY 1 registered capital. The subscription period for the new registered capital contribution is until December 31, 2023.