IAT Automobile Technology Co., Ltd. announced that it has entered into share subscription agreement for a private placement of not more than 91,697,622 A shares for gross proceeds of not more than CNY 988,815,200 on November 5, 2020. The transaction will include participation from not more than 35 investors, including Xuan Qiwu, who will subscribe with CNY 50,000,000. The company will issue not more than 30% of total share capital and the issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction has been approved in the 32nd meeting of the company's 3rd directorate, 23rd meeting of the 3rd supervisory board and is still subject to the approval of the shareholders in a meeting and China Securities Regulatory Commission. The 1,520,681 shares issued to Xuan Qiwu for CNY 49,999,991.28 and other investors cannot be transferred within 18 months and 6 months respectively from the issuance closing date. The total share capital of the company is 305,658,743 shares.

On December 31, 2020, the company announced that the transaction has been accepted by Shenzhen Stock Exchange through [2020] No. 877.