Nanjing Develop Advanced Manufacturing Co., Ltd. announced a private placement of A common shares for gross proceeds of not more than CNY 300,000,000 on April 20, 2023. The transaction will include participation from not more than 35 investors. The par value of shares are CNY 1 per share.

The securities to be issued in the transaction will have a lock-up period of six months from the issuance closing date. The transaction has been approved at the 10th meeting of the fifth board of directors of the company. The transaction is subject to approval from company's shareholders.