Zhejiang Wansheng Co., Ltd. announced a private placement of no more than 103,986,997 shares for gross proceeds of no more than CNY 770,000,000 on November 17, 2020. The transaction will include participation from no more than 35 specific investors. The transaction has been approved at the ninth meeting of the fourth board of supervisors, and still needs to be submitted to the company's shareholders meeting for approval, and the China Securities Regulatory Commission.

The validity period is 12 months from the date of approval by the company's shareholders' meeting. The shares are subject to a lock-up period of six months.