Zhejiang Dibay Intelligent Control Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 50 million on April 14, 2020. 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 70 million. The transaction has been approved by the 2nd meeting of the 4th directorate of the investor. The transaction does not need approval from shareholders of the investor parent.