Jinlongyu New Energy (Shenzhen) Co., Ltd. announced a private placement to issue common shares for an aggregate gross proceeds of CNY 200 million on May 20, 2024. The transaction will include participation from returning investor Jinlongyu Group Co., Ltd. for 16.67% stakes in the company. The transaction has been reviewed and approved held the fifth meeting of the fourth board of directors with 9 votes in favor, 0 votes against, and 0 abstentions.

The transaction is within the scope of the company's board of directors' deliberation authority and does not need to be submitted to the shareholders' meeting for deliberation.