Shandong Xingfeng New Energy Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 200,000,000 on April 12, 2018. The transaction will involve participation from returning investor Shanghai Putailai New Energy Technology Co., Ltd. (SHSE:603659) for CNY 102,000,000, individual returning investors Li Qingmin for CNY 58,800,000, and Liu Guangtao for CNY 39,200,000. Post the closing of the transaction, the investors Shanghai Putailai New Energy Technology Co., Ltd. (SHSE:603659), Li Qingmin, and Liu Guangtao will retain their stake of 51%, 29.40%, and 19.60% respectively and the registered capital of the company will increase from CNY 200,000,000 to CNY 400,000,000. The transaction is subject to approval from Shanghai Putailai New Energy Technology Co., Ltd. (SHSE:603659)'s general manager and does not need approval from its Board of Directors and shareholders.