Ningbo Zhenyu Technology Co., Ltd. announced that it has entered into a share subscription agreement to issue not more than 9,681,715 shares at a price of CNY 82. per share for gross proceeds of not more than CNY 800,000,000 on March 22, 2022. The transaction will include participation from new investor Ningbo Zhenyu New Energy Co., Ltd. for 5,809,029 shares to acquire 5.65% stake and returning investor Jiang Zhenlin for 3,881,140 shares for proceeds of CNY 320,698,598.2 to hold 32.32% stake.

The securities are subject to a hold period of 18 months from the date of closing. The transaction has been approved at the 4th meeting of the company's 4th directorate, and is subject to shareholder approval, the Shenzhen Stock Exchange approval, and the China Securities Regulatory Commission approval.