Harbin VITI Electronics Co., Ltd. announced a private placement of 57,099,697 shares at an issue price of CNY 3.31 per share for gross proceeds of not more than CNY 189,000,000 on December 18, 2021. The transaction will involve participation from Lishui Nancheng New District Investment And Development Co., Ltd. and shall not be transferred within 18 months from the date of completion of the issuance. The transaction has been approved by the board of directors, and general meeting of shareholders of the company, Lishui Economic Development Zone Management Committee.

The transaction is still subject to approval from board of directors and the general meeting of shareholders, Lishui Economic Development Zone Management Committee, and China Securities Regulatory Commission.