Shenzhen Longli Technology Co.,Ltd announced a private placement of 60,670,902 shares for gross proceeds of not more than CNY 1,002,000,000 on August 25, 2021. The transaction will include participation from not more than 35 investors. The company will issue shares at a price which is less than 80% of the average price in the 20 trading days before the pricing reference date. The shares to be issued shall have a hold period of 6 months from the closing of the transaction. The transaction has been approved at the 27th meeting of the 2nd directorate and is subject to approval from the shareholders of the company, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.

On March 16, 2022, the company announced that Shenzhen Stock Exchange accepted the application document for the transaction.