On September 2, 2020, Shanghai Feilo Acoustics Co., Ltd (SHSE:600651) closed the transaction. The company issued 248,447,204 shares at a price of CNY 3.22 per share for gross proceeds of CNY 799,999,996.88 in the transaction which included participation from INESA (Group) Co., Ltd. for 155,279,503 shares with a lockup period of 36 months for gross proceeds of CNY 499,999,999.66, Shanghai Lingang Economic Development (Group) Co., Ltd. for 62,111,801 shares with a lockup period of 18 months for gross proceeds of CNY 199,999,999.22, and Shanghai Huayi Group Corporation Limited (SHSE:600623) for 31,055,900 shares with a lockup period of 18 months gross proceeds of CNY 99,999,998. The company paid issuance expenses of CNY 26,392,248.38 which includes independent financial advisor fee of CNY 16,037,735.85, underwriting fee of CNY 8,490,566.04, capital verification fee of CNY 47,169.81, information disclosure fee of CNY 1,037,735.85, and share registration fee of CNY 779,040.83.

As a result, company's registered capital increased by CNY 248,447,204 from CNY 2,258,580,811 to CNY 2,507,028,015, and capital reserve increased by CNY 525,160,544.50.