Shenzhen SED Industry Co., Ltd. announced a private placement of not more than 341,387,770 A shares for gross proceeds of not more than CNY 3,000,000,000 on August 22, 2023. The transaction will include participation from not more 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved at the 19th meeting of the company?s 9th directorate of the company and by China Electronics Corporation. The transaction is subject to the approval of the company?s shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.