Guangdong Kingstrong Technology Co., Ltd. announced a private placement to issue A shares for the gross proceeds of up to CNY 246 million on August 9, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the shareholder's of the company in the16th meeting of the fourth board of directors and still needs to be approved by the State Administration of Science, Technology and Industry for National Defense, the company's board of directors, the Shenzhen Stock Exchange and the China Securities Regulatory Commission.