Shandong Longertek Technology Co., Ltd. announced a private placement of A shares for gross proceeds of up to CNY 300,000,000 on May 16, 2023. The transaction will include participation from new investor, Qingdao Langjin Group Co., Ltd, increasing its stake from 20.76% to 33.35%. The shares cannot be transferred within 36 months from the issuance closing date.

The transaction has been approved by the 23rd Meeting of the 5th Directorate and the 22nd Meeting of the 5th Supervisory Board of the company.