JiangSu JiuWu Hi-Tech Co., Ltd. announced a private placement of not more than 10,000,000 common shares for gross proceeds of CNY 300,000,000 on April 26, 2021. The transaction will include participation from not more than 35 investors. All shares to be issued will be subject to a six months lock-up period. The transaction was approved in the 14th meeting of the company's seventh board of directors, and is subject to approval of company's shareholders, Shenzhen Stock Exchange and China Securities Regulatory Commission.