Jonjee Hi-tech Industrial & Commercial Holding Co., Ltd. announced a private placement to issue 238,991,158 A shares at an issue price of CNY 32.60 for gross proceeds of not more than CNY 7,791,111,750.80 on July 25, 2021. The transaction will include participation from returning investor Zhongshan Runtian Investment Co., Ltd. On post completion, the investor will acquire 42.31% stake in the company on subscribing all the issued shares. The shares issued in the transaction is subject to a lock up period of 36 months from the closing of the transaction.

The transaction has been approved by the board of directors of the company at the 27th session of the 9th directorate and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.