Nanjing Xinchuanhui Electronic Technology Co., Ltd announced that it has signed a capital increase agreement for a private placement and it will issue common shares for gross proceeds of CNY 38,000,000 on July 30, 2023. The transaction will include participation from new investor, NanJing Research Institute of Surveying, Mapping & Geotechnical Investigation, Co.Ltd for 8.8265% stake and new individual investor, Zhang Zhi for 3.0612% stake. After the completion of this capital increase, the gross proceeds of CNY 38,000,000, of which CNY 521,968 was added to the registered capital, and capital reserve will be CNY 37,478,032.

The transaction was approved by the 22nd meeting of the 2nd directorate and 20th meeting of the 2nd supervisory board and does not need the approval of the company?s shareholders and other related departments for approval or registration.