Guangdong Chaohua Technology Co., Ltd announced that it will issue not more than 100,000,000 A shares at a price of CNY 7.22 per share for gross proceeds of not more than CNY 722,000,000 on December 14, 2021. The transaction will include participation from Shenzhen Changxuan Trading Ltd. The company has signed conditional effective share purchase agreement with the investor. The shares issued are subject to restriction period of 18 months.

The transaction has been approved at the 8th meeting of 6th board of directors and still needs to be approved by the company's general meeting of shareholders and the China Securities Regulatory Commission.