Zhejiang Dinglong Weibo Precision Technology Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 30 million on March 2, 2023. The registered capital of the company will increase from CNY 50 million to CNY 80 million at the price of CNY 1 for every CNY 1 registered capital. The transaction will include participation from Hubei Dinglong CO.,Ltd. for CNY 3.6 million, Shenzhen Changhong Technology Co., Ltd. for CNY 13.40 million, Cheng Zhuojun for CNY 6 million, Liu Li for CNY 2.10 million, Zhu Liangliang for CNY 0.9 million, Shaoxing Qianwei Enterprise Management Partnership Enterprise (Limited Partnership) for CNY 4 million.

The transaction has been approved in the 8th session of the company?s 5th directorate. Prior capital increase, Shenzhen Changhong Technology Co., Ltd. holds 50% stake, Hubei Dinglong Co., Ltd. holds 20% stake, Cheng Zhuojun holds 20% stake, Liu Li holds 7% stake and Zhu Liangliang holds 3% stake. Post capital increase, Shenzhen Changhong Technology Co., Ltd. will hold 48% stake, Hubei Dinglong Co., Ltd. will hold 17% stake, Cheng Zhuojun will hold 20% stake, Liu Li will hold 7% stake, Zhu Liangliang will hold 3% stake and Shaoxing Qianwei Enterprise Management Partnership Enterprise (Limited Partnership) will hold 5% stake.

The transaction has been approved in the the 25th session of Shenzhen Changhong Technology Co., Ltd.?s 5th directorate and the 21st session of Shenzhen Changhong Technology Co., Ltd.?s 5th supervisory board.