Jiangsu ShenHygen Technology Co., Ltd. announced that it has signed a subscription agreement for the private placement of shares for gross proceeds of CNY 69,000 000 on December 4, 2021. The transaction will include participation from new investor Changchun Zhiyuan New Energy Equipment Co., Ltd. for 30% stake in the company. Out of the total gross proceeds, CNY 6,428,600 will go into registered capital, and CNY 62,571,400? will go into capital reserve. Post-closing, the registered capital of the company will increase from CNY 15,000,000 to CNY 21,428,600. The 23rd session of the investor’s 1st directorate and the 17th session of the investor’s 1st supervisory board has approved the transaction. Post completion, Zhang Guoping, Jiangyin Qingwei Technology Co., Ltd., Wuxi Huanshu Technology Co., Ltd., Sun Xin and Gong Long will hold 28.70%, 17.50%, 17.50%, 4.90% and 1.40% stake in the company respectively. The transaction is expected to close within 20 working days.