Ningbo Ginlong Technologies Co., Ltd. announced a private placement by way of non-public issuance up to 23,000,000 common shares for a gross proceeds not more than CNY 725,468,700 on April 30, 2020. Issuance price will not be lower than 80% to median market price of the company´s shares as of 20 previous days to issuance date. The transaction will included participation of not more than 35 specific investors. The transaction has been approved by the 16th meeting of the second board of directors of the company. The transaction is subject to conditions including approval by the company’s shareholders and to be approved by the China Securities Regulatory Commission. The shares will be subject to a 6 months lock-up period commencing from the closing date of the non-public issuance.