Tianjin Jieqiang Power Equipment Co.,Ltd. announced a private placement of common shares at a price of CNY 24.46 per share on February 6, 2023. The transaction will include participation from not more than 35 investors, and the shares will be priced at not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the fourteenth meeting of the third directorate and tenth meeting of the third supervisory board. The transaction is subject to approval from the shareholders of the company, Shenzhen Stock Exchange, second approval of the company's directorate after the target assets audit and assessment work are completed, Nuclover Technology (Beijing) Co., Ltd.'s internal authorities approval of the official plan after the target assets audit and assessment work are completed, the State Administration for Market Regulation's Examination of Undertaking Concentration Matters, other necessary approvals and the China Securities Regulatory Commission.