Wuxi Smart Auto-Control Engineering Co., Ltd. announced a private placement of not more than 23,000,000 A shares for gross proceeds of not more than CNY 180,000,000 on May 25, 2023. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

The securities have a hold period of 6 months from the issuance closing date. The transaction has been approved in the 2022 annual general shareholders meeting and is subject to approvals from the Shenzhen Stock Exchange and the China Securities Regulatory Commission.