Xuancheng Valin Precision Technology Co., Ltd. announced a private placement of not more than 40,002,000 A shares at an issue price of CNY 10.43 per share for gross proceeds of not more than CNY 417,220,860 on May 15, 2023. The company has signed share subscription agreement with the investor. The transaction will include participation from new investor, Jiecheng Zero Carbon (Jiangsu) New Energy Technology Co., Ltd. The issue price shall not be lower than 80% of the average stock trading price in the 20 trading days prior to the pricing base date.

All securities issued in the transaction have a hold period of 36 months. The transaction has been approved at the twenty-seventh meeting of the third board of directors of the company, and need to be deliberated and approved by the company's general meeting of shareholders, approved by the Shanghai Stock Exchange and approved by the China Securities Regulatory Commission for registration.