Joyware Electronics Co.,Ltd announced that it has conditionally signed a share subscription agreement with Xinxiang City New Investment Industry M&A Investment Fund No. 1 Partnership (Limited Partnership) for a private placement of not more than 90,841,800 A shares at a price of CNY 5.84 per share for gross proceeds of not more than CNY 530,516,112 on August 28, 2020. All shares to be issued will be subject to a lock-up period of 36 months from the date of issuance. The transaction has been approved in the tenth meeting of the fourth directorate of the company, and is subject to approval of shareholders of the company, the state-owned assets authorities, Shenzhen Stock Exchange, and China Securities Regulatory Commission.

On August 5, 2020, the company announced that the Shenzhen Stock Exchange accepted the filling for approval of the transaction.