Zhejiang Yongjin Metal Technology Co., Ltd announced a private placement transaction of not more than 101,407,678 A common shares for gross proceeds of not more CNY 1,200,000,000 on July 27, 2022. The transaction will include participation from not more than 35 investors who meet the conditions stipulated by the China Securities Regulatory Commission. The pricing reference date will be the first day of issuance.

Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days before the pricing reference date. The securities to be issued in the transaction will have a lock-up period of six months after issuance completion date. The transaction has been approved in the 22nd meeting of the fifth board of directors held by the company.

The transaction still needs to be reviewed and approved by the company's general meeting of shareholders and approved by the China Securities Regulatory Commission before it can be implemented. The number of shares determined by dividing the total amount of funds raised by the issuance price, and shall not exceed 30% of the company's total share capital.