Wanxiang Qianchao (Shanghai) Automotive System Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 110,000,000 from existing investor Wanxiang Qianchao Co.,Ltd. on October 27, 2021. The transaction has been reviewed and approved at the eighth meeting of the Ninth Board of Directors. As a part of the transaction, company's registered capital will increase from CNY 100,000,000 to CNY 210,000,000.

Post closing the transaction, the investor will retain 100% stake in the company.