Keystone Technology Co.,Ltd. announced a private placement of no more than 21,929,868 common shares at an issue price of not be lower than 80% of the average trading price of the company’s stocks in the 20 trading days before the pricing base date for the gross proceeds of CNY 1,609,946,600 on May 31, 2023. The transaction will include participation from not more than 35 investors. The shares shall not be transferred within 6 months from the date of completion of the issue. The transaction has been approved at the fifth meeting of the second board of directors of the company and is subject to approval of the shareholders, the Shanghai Stock Exchange and the China Securities Regulatory Commission.

On the same date, the company announced that the transaction has been approved by the fourth meeting of the second board of supervisors and it still needs to be submitted to the company's general meeting of shareholders for consideration.