On April 21, 2021, Shanghai Baolong Automotive Corporation (SHSE:603197) closed the transaction. The company issued 41,538,461 shares at CNY 22.10 per share for gross proceeds of CNY 917,999,988.10 in the transaction. The transaction included participation from returning investors Chen Hongling who subscribed for 1,809,954 shares for proceeds of CNY 39,999,983.40 and Zhang Zuqiu who subscribed for 1,809,954 shares for proceeds of CNY 39,999,983.40, and new investors Jiang Changxiong who subscribed for 1,357,466 shares for proceeds of CNY 29,999,998.60, Cui Yan who subscribed for 1,402,714 shares for proceeds of CNY 30,999,979.40, Gaoyi – Xiaofeng No. 1 Ruiyuan Securities Investment Fund and Gaoyi – Xiaofeng No. 2 Zhixin Fund, funds managed by Shanghai Gaoyi Asset Management Partnership Enterprise (Limited Partnership) subscribed for 2,714,932 and 5,882,352 shares for proceeds of CNY 59,999,997.20 and CNY 129,999,979.20 respectively, Shenzhen Morality & Prestige Capital Management Co.,Ltd subscribed 7,239,819 shares for CNY 159,999,999.90, Zhongbao Ideal Investment Management Co., Ltd. subscribed for 1,552,488 shares for proceeds of CNY 34,309,984.80, SAIC Qizhen (Shanghai) Asset Management Co., Ltd. subscribed for 1,357,466 shares for proceeds of CNY 29,999,998.60, Advanced Manufacturing Industrial Investment Fund Phase II (Limited Partnership), a fund managed by Guotou China Merchant Investment Management Co., Ltd., subscribed for 9,049,773 shares for proceeds of CNY 199,999,983.30, Hefei Hengchuang Intelligent Technology Co., Ltd. subscribed for 2,262,443 shares for proceeds of CNY 49,999,990.30, Shenzhen Xiaoxiang Junyi Asset Management Co., Ltd. subscribed for 4,072,398 shares for CNY 89,999,995.80, and Shenzhen Wise Win Asset Management Co., Ltd. subscribed for 1,026,702 shares for proceeds of CNY 22,690,114.20. After the completion of the transaction, Chen Hongling’s stake will change from 22.29% to 18.68%, Zhang Zuqiu’s will change from 11.48% to 10.05%, Guotou China Merchant Investment Management Co., Ltd., will hold 4.38% stake and Gaoyi – Xiaofeng No. 2 Zhixin Fund, a fund managed by Shanghai Gaoyi Asset Management Partnership Enterprise (Limited Partnership) will hold 2.85% stake in the company. On April 22, 2021, Wuyige Certified Public Accountants LLP issued the verification report verifying that the settlement account of lead underwriter Great Wall Securities received subscription funds of CNY 917,999,988.10.