Nantong Haixing Electronics Co., Ltd. announced a private placement of up to 31,200,000 A shares for gross proceeds of up to CNY 760,000,000 on November 20, 2020. The transaction will include participation from not more than 35 specific investors. The number of A shares issuance price shall not be lower than 80% of the average trading price of the company's A shares for the 20 trading days immediately preceding the pricing benchmark date.

The transaction is subject to approval by the shareholders of the company and from the China Securities Regulatory Commission. All securities issued in the transaction are subject to a statutory hold period of six months. The transaction has been approved at the seventeenth meeting of the third directorate of the company.