Leon Technology Co., Ltd. announced a private placement of not more than 111,029,504 common shares for gross proceeds of not more than CNY 1,877,407,100 on June 1, 2021. The company entered into s subscription agreement with individual investor Wang Gang who will subscribe with not less than CNY 50,000,000. The transaction will include participation from not more than 35 investors. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares Wang Gang subscribes to cannot be transferred within 18 months from the issuance closing date. The shares the other investors subscribe to cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 32nd meeting of the company's 3rd Directorate and is subject to the approvals of the shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. On August 6, 2021, the company announced Shenzhen Stock Exchange has decided to accept the application documents.