Xingmin Intelligent Transportation Systems (Group) Co., Ltd. announced a private placement of not more than 186,171,120 shares at a price of CNY 4.96 per share for gross proceeds of not more than CNY 923,408,755.2 on May 28, 2021. The transaction will include participation from returning investor Qingdao Chuangjiang Environmental New Energy Technology Co., Ltd. The transaction has been approved in the 16th meeting of the company's 5th directorate of the company and is subject to the approval of the shareholders, China Securities Regulatory Commission and other necessary approvals. The shares will be subject to a lock-up of 36 months from the issuance closing date.