Zhejiang Tiantie Industry Co., Ltd. announced that it has entered into agreement for a private placement of 189,800,000 A shares at an issue price of CNY 13.45 per share for gross proceeds of CNY 2,552,810,000 on June 24, 2022. The transaction will include participation from Wang Meiyu. The shares to be issued will have a hold period of 36 months from the date of the issuance.

The transaction was approved by the board of directors of the company at its the twentieth meeting of the fourth board of directors and the fourteenth meeting of the fourth board of supervisors and subject to company's general meeting of shareholders, Shenzhen Stock Exchange and China Securities Regulatory Commission.