Wuxi Autowell Technology Co.,Ltd. announced a private placement to issue A shares for the gross proceeds of not more than CNY 300,000,000 on March 25, 2024. The transaction shall include participation from not more than 35 investors. The issue price shall not be less than 80% of the average price of the company's stock trading in the 20 trading days before the pricing benchmark date.

The shares issued in the offering shall not be transferred within six months from the date of completion of the issuance. The transaction has been approved by the 50th meeting of the 3rd board of directors and the 44th meeting of the 3rd board of supervisors.