Zhejiang Grandwall Electric Science & Technology Co., Ltd announced a private placement of not more than 54,593,143 A shares for gross proceeds of not more than CNY 1,500,000,000 on August 26, 2021. The transaction included participation from not more than 35 investors. The issuance price will not be less than 80% of the average price of the companys stock price during the 20 trading days prior to the pricing base date. The total number of shares to be issued does not exceed 30% of the total equity before the issuance. The transaction was approved by board of directors in its 3rd meeting of the companys 4th directorate and 2nd meeting of the 4th supervisory board. The transaction is subjected to approval of shareholders and the China Securities Regulatory Commission. The securities issued are subjected to 6 months hold period from the issuance closing date.