Nanjing Quanxin Cable Technology Co., Ltd. announced a private placement of not more than 87,320,776 A shares for gross proceeds of not more than CNY 320,000,000 on December 25, 2020. The transaction will include participation from not more than 35 specific subscribers. The price of shares will not less than 80% of the average price of the company’s stock trading on the twenty trading days prior to the first day of the issuance period. The transaction has been approved in the 14th meeting of the fifth board of directors of the company and is still subject to approval of the National Defense Science and Industry Bureau, shareholders of the company in a meeting, Shenzhen Stock Exchange, and China Securities Regulatory Commission. The shares are subject to a hold period of 6 months from the date of issuance. On February 22, 2021, the company announced that it has received the acceptance of the application documents by the Shenzhen Stock Exchange.