Infotmic Co.,Ltd. announced a private placement to issue not more than 243,902,439 shares at CNY 1.64 per share for gross proceeds of not more than CNY 400,000,000 and and signed a share subscription agreement with Shanghai Shunyuan Enterprise Investment Development Co., Ltd. on April 26, 2021. The shares issued in the transaction is subject to a lock up period of 18 months from the closing of the transaction. The transaction is subject to approval from shareholders of the company and the China Securities Regulatory Commission. The transaction has been approved by the shareholders of the investor.

On June 9, 2021, the State Administration for Market Regulation announced that it has decided not to implement further review on the participation of Shunyuan Enterprise Management in the transaction.