Guangdong Tonze Electric Co., Ltd. announced a private placement of not more than 120,645,770 A common shares for gross proceeds of not more than CNY 2,110,000,000 on December 23, 2021. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The share issuance is not more than 30% of total share capital which is 402,152,567 shares. The shares cannot be transferred within six months from the issuance closing date. The transaction has been approved in the 7th meeting of the 4th directorate and the 7th meeting of the 4th supervisory board of the company, and is subject to the approvals of its shareholders and the China Securities Regulatory Commission.