Changyuan Technology Group Ltd. announced a private placement of not more than 391,732,545 shares for gross proceeds of CNY 901,454,000 on February 10, 2021. The shares will be issued at an issue price not be less than 80% of the average price of the company's stock trading on the 20 trading days prior to the pricing base date. The transaction will include participation from not more than 35 subscribers.

The transaction has been approved by the board of directors in its 47th meeting of its seventh board of directors and is subject to the approval of company's shareholders meeting and by the China Securities Regulatory Commission. The shares to be issued pursuant to the transaction are subject to hold period of 6 months from the date of issuance. The approval is valid for 12 months from the date of approval by the company's shareholders meeting.