Hangzhou Huning Elevator Parts Co., Ltd. announced a private placement of not more than 33,315,567 A shares for gross proceeds of not more than CNY 299,000,000 on August 31, 2020. The transaction will include participation from not more than 35 special investors. The shares have a par value of CNY 1 each.

The issue price of shares is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The shares have a lock-up period of 6 months. The transaction has been approved at the 17th meeting of the 2nd directorate and the 16th meeting of the second board of supervisors of the company, and are subject to the approval of the company's shareholders meeting, Shenzhen Stock Exchange and the China Securities Regulatory Commission.

The resolution of the transaction is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.