Kyland Technology Co., Ltd. announced a private placement of not more than 159,370,218 class A shares for gross proceeds not exceeding CNY 1,000,000,000 on September 14, 2022. The shares issued have a par value of CNY 1. The transaction will include participation from not more than 35 investors. The shares issued are subject to a lock-up period of 6 months.

The transaction is approved at the thirteenth meeting of the company's sixth board of directors and still needs to be reviewed and approved by the general meeting of shareholders and the Shenzhen Stock Exchange and the China Securities Regulatory Commission.