Zhe Jiang Headman Machinery Co.,Ltd. announced a private placement of A shares for gross proceeds of not more than CNY 173,050,000 on June 26, 2023. The transaction will include participation from not more than 35 investors. The issue price will not be lower than 80% of the average trading price of the company?s stock in the 20 trading days prior to the pricing reference date of the transaction.

The shares cannot not be transferred within six months from the date of completion of this issuance. The shares to be issued will not be more than 30% of the company's total share capital before the issuance of the transaction. The transaction has been approved and reviewed by the ninth meeting of the third board of directors and the eighth meeting of the third board of supervisors.

The transaction still needs the approval from Shanghai Stock Exchange, China Securities Regulatory Commission. The company's board of directors will review and approve the specific plan for this issuance after the bidding for this issuance is completed.