Suzhou New Sea Union E-Commerce Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 58 million on March 22, 2021. The transaction will include participation from returning investor New Sea Union Technology Group Co.,Ltd. (SZSE:002089) for CNY 55.10 million to retain 95% stake and new investor Suzhou New Sea Union High-Tech Co., Ltd. for CNY 2.90 million for 5% stake in the company. The registered capital of the company will increase from CNY 2 million to CNY 60 million. The transaction has been approved by 22nd session of the New Sea Union Technology Group Co.,Ltd.’s 7th directorate.