Zhejiang Tieliu Clutch Co., Ltd. announced a private placement of 15,610,651 A shares at a price of CNY 10.89 per share for gross proceeds not more than CNY 170,000,000 on November 23, 2020. The transaction will include participation from individual investor Guo Ning and returning investor Hangzhou Desa Industrial Group Co., Ltd. The issue price of shares shall not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 36 months from the issuance closing date. The transaction has been approved at the resolutions of the 17th meeting of the fourth board of supervisors and 19th meeting of the 4th directorate and is subject to shareholder's approval.