Shandong Jintai Group Co., Ltd. announced a private placement of up to 44,432,144 Class A shares at a price of CNY 3.51 per share for gross proceeds of CNY 155,956,825 on March 4, 2021. The transaction will include participation from returning investor Beijing Towercrest Investment Management Group Co., Ltd. The company will issue not more than 30% of the total share capital prior to the transaction. The shares issues will have a hold period of 18 months from the date of closing, if the holding ratio is more than 30%, the lock up period would be 36 months.

The transaction has been approved by the board of directors of the company at 13th meeting of 10th directorate and in the eighth meeting of the tenth board of supervisors, also it is subject to shareholder and China Securities Regulatory Commission approvals. The resolution for the non-public issuance of shares is valid for 12 months from the date of deliberation and approval by the shareholders' meeting