On June 9, 2023, Jiangsu Xinri E-Vehicle Co., Ltd. closed the transaction. The company amended the terms of the transaction. The company issued 26,143,790 A shares at a price of CNY 15.3 per share for gross proceeds of CNY 399,999,987.

The issuance expense of CNY 5,930,324.16 for net proceeds of CNY 394,069,662.84. The transaction included participation from new investors, Tianan Life Insurance Company Limited of China for 1,960,784 shares and CNY 29,999,995.20, JPMorgan Chase Bank, National Association for 980,392 shares and CNY 14,999,997.60, Guangdong Zhenyuan Fund-Dingzhen No. 1 Private Equity Securities Investment Fund, managed by Guangdong Zhenyuan Private Equity Fund Management Co., Ltd. for 980,392 shares and CNY 14,999,997.60, China Asset Management Co., Ltd. for 5,084,967 shares and CNY 77,799,995.10, Huatai Asset Management-Industrial Bank-Huatai Asset Huatai Steady Gain Asset Management Products, managed by Huatai Asset Management Co., Ltd. for 980,392 shares and CNY 14,999,997.60, Huatai Asset Management-Industrial and Commercial Bank of China-Huatai Asset Steady Win Growth Return Asset Management Products, managed by Huatai Asset Management Co., Ltd. for 980,392 shares and CNY 14,999,997.60, Huatai Youyi Stock-Specific Pension Products-Agricultural Bank of China Limited, managed by Huatai Asset Management Co., Ltd. for 980,392 shares and CNY 14,999,997.60, UBS Group AG for 980,392 shares and CNY 14,999,997.60, Guotai Junan Securities Co., Ltd. for 3,385,623 shares and CNY 51,800,031.90, CITIC Securities Company Limited for 1,307,189 shares and CNY 19,999,991.70 and Nuode Asset Management Co., Ltd. 8,522,875 shares and CNY 130,399,987.50.