Hangzhou Innover Technology Co., Ltd. announced a private placement of not more than 45,000,000 A shares for gross proceeds of not more than CNY 280,000,000 on September 28, 2020. The transaction will include participation from not more than 35 special investors. The shares have a par value of CNY 1 per share. The transaction has been approved by the 9th meeting of the 4th directorate of the company, and is subject to the approval of the company's shareholders meeting and the China Securities Regulatory Commission. The securities to be issued are subject to a lock-up period of six months, and will be listed and traded on the Shenzhen Stock Exchange Market. The issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.