Shanghai Tianyong Engineering Co., Ltd. announced a private placement of not more than 32,424,000 shares for gross proceeds of not more than CNY 582,002,300 on January 18, 2022. The transaction will include participation from not more than 35 investors. The issuance price will be not lower than 80% of the average price of the company's shares as of 20 trading days since issuance date.

The company will issue not more than 30% of the total share capital prior to the transaction. The transaction has been approved by the board of directors of the company at its 21st meeting of the second directorate and is subject to second extraordinary general meeting of shareholders in 2022 and China Securities Regulatory Commission approvals. All the securities to be issued will have a hold period of 6 months.