Jolywood (Suzhou) Sunwatt Co., Ltd. announced a private placement of not more than 326,888,207 A shares for gross proceeds of not more than CNY 2,500,000,000 on June 8, 2021. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within six months from the issuance closing date. The issue price will be not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction has been approved at the 13th meeting of the company's 4th directorate and is still subject to approval from its shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.