Xuancheng Kodike Technology Co., Ltd. announced a private placement of common shares for the gross proceeds of $23,100,000 on August 11, 2021. The transaction will include participation from returning investor Kanto Denka Kogyo Co., Ltd. Post-closing of the transaction, the stake of Kanto Denka Kogyo Co., Ltd. will increase to 98.3% stake in the company and stake of Hangzhou Dongwang Engineering Management Consulting Co., Ltd. will be 1.7% stake in the company. Post-closing, the capital of the company is $20,000,000.

The payment date is September 2021. The transaction has been approved by the board of directors of the company.