IAT Automobile Technology Co., Ltd. announced a private placement of not more than 149,230,456 A shares for gross proceeds of not more than CNY 1,509,180,900 on August 25, 2023. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved at the 36th meeting of the 4th directorate and the 28th meeting of the 4th supervisory board of the company. The transaction still needs to be approved by the company?s shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.