Jiangsu Zhuogao New Material Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 200,000,000 on November 8, 2021. The transaction will involve participation from returning investor Shanghai Putailai New Energy Technology Co., Ltd. Post the closing, the registered capital will increase from CNY 100,000,000 to CNY 300,000,000. The transaction has been approved by the board of directors of the investor in its 35th meeting of the second board of directors.