Shenzhen Emperor Technology Co., Ltd. announced a private placement of not more than 40,970,000 A shares for gross proceeds of not more than CNY 700,000,000 on July 10, 2020. The transaction will involve participation from not more than 35 investors. The shares to be issued will not be exceeding 30% of the company's total share capital before the issuance.

The transaction has been approved by the board of directors of the company in its 13th meeting of the 4th directorate and the 12th meeting of the 4th board of supervisors. The transaction is still subject to company's general meeting of shareholders, by the Shenzhen Stock Exchange and the China Securities Regulatory Commission. The validity of the approval by the company's shareholders' meeting will be 12 months from the date of approval.

The shares to be issued will have a hold period of six months from the closing.