Yangjiang Orient Submarine Cable Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 190 million on October 21, 2021. The transaction will include participation from returning investor Ningbo Orient Wires & Cables Co.,Ltd to retain its 100% stake in the company. The transaction has been approved at the 18th meeting of the fifth board of directors of the investor, and does not need to be submitted to the investor's shareholders meeting for deliberation.

As a result, company's registered capital will increase from CNY 10 million to CNY 200 million.