Guangdong Quanwei Technology Co.,Ltd. announced a private placement of 35,000,000 common shares at a price of CNY 10 per share for the gross proceeds of CNY 350,000,000 on December 18, 2023. The transaction will include participation from returning investor, Quanwei Green Energy Investment (Hainan) Co., Ltd. Th transaction has been approved by the shareholder of the company in the company?s 4th directorate during its 15th meeting, company?s 4th supervisory board during its 14th meeting and is subject to approval from the Shenzhen Stock Exchange (?SZSE?) and China Securities Regulatory Commission (?CSRC?). The shares to be issued shall not be transferred for a period of 36 months from date of issuance