Shanghai Laimu Electronics Co.,Ltd announced a private placement of A shares for gross proceeds of CNY 700,000,000 on June 30, 2021. The transaction will include participation from no more than 35 investors. The transaction has been approved at the fourth meeting of the company's fifth board of directors, and still need to be deliberated and approved by the company's shareholders meeting and approved by the China Securities Regulatory Commission. The shares shall not be transferred for six months from the date of completion of the issuance.