Zhejiang Weixing Industrial Development Co., Ltd. announced a private placement of not more than 311,161,666 A shares for the gross proceeds of not more than CNY 1,200,000,000 on November 21, 2022. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 4th (Extraordinary) Meeting of the Company?s 8th Directorate and is subject to the approvals of the Company?s Shareholders and the China Securities Regulatory Commission. The issue price will not less than 80% of the average price in the 20 trading days before the pricing reference date