Hong Kong Heou Electronics Co., Ltd. announced a private placement of common shares for gross proceeds of $2,000,000 on March 31, 2021. The transaction will involve participation from existing investor, Suzhou Jinfu Technology Co., Ltd. Post-closing of the transaction, the investor will retain its 100% stake in the company. Post-closing of the transaction, the registered capital of the company will increase from $45,000,000 to $47,000,000. The transaction has been approved by the board of directors of the investor at the 8th (extraordinary) meeting of its directorate, and does not need its shareholders’ approval.