Foshan Golden Milky Way Intelligent Equipment Co., Ltd announced a private placement of 26,596,512 A shares for gross proceeds of not more than RMB 1,700,000,000 on September 7, 2022. The transaction will include participation from returning investor Zhang Qifa. The investor has signed a subscription agreement with the investor.

Pursuant to the transaction, the investors stake will be 24.40%. The shares issue in the transaction are subject to a hold period of 18 months from the date of issuance. The transaction was approved by the board of directors on the fifth meeting of the fourth board of directors of the company and by company's general meeting of shareholders, Shenzhen Stock Exchange and China Securities Regulatory Commission.