Zhejiang Dibay Intelligent Control Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 50 million on April 13, 2021. The transaction will include participation from returning investor ZHEJIANG DIBAY ELECTRIC CO.,Ltd. (SHSE:603320). Post-closing of the transaction, registered capital of the company will increase to CNY 120 million. The transaction has been approved by the 8th meeting of the 4th directorate of the investor. The transaction does not need approval from shareholders of the investor parent. The transaction is expected to close no later than December 31, 2021.