Shanghai Friendess Electronic Technology Corporation Limited announced a private placement of not more than 30,000,000 A shares for gross proceeds of CNY 1,000,000,000 on March 11, 2021. The transaction will include participation from not more than 35 (including 35) specific subscribers that meet the requirements of laws and regulations. The issuance price of the stock to a specific target is not less than 80% of the average price of the company's stock trading on the 20 trading days before the pricing benchmark date.

The pricing benchmark date is The first day of the issuance period. The shares to be issued in the transaction will be subject to a hold period of 6 months from the issuance date. The transaction is subject to the approval of company's shareholders meeting, approval of Shanghai Stock Exchange and approval of the China Securities Regulatory Commission.

The transaction was approved by the board of directors of the company.