On April 1, 2021, Shanghai Ace Investment & Development Co., Ltd. (SHSE:603329) closed the transaction. The company issued 26,756,195 shares at an issue price of CNY 9.68 per share for gross proceeds of CNY 258,999,967.60. The transaction included participation from Xia Tongshan for CNY 13,999,990.40, Zhuhai Lianyu Equity Investment Fund Partnership (Limited Partnership) for CNY 63,999,997.60, Jiangsu Shengshi Jincai Investment Management Co., Ltd. for CNY 80,999,994.24, Beijing Yijiu Asset Management Co., Ltd. for CNY 49,999,997.52, Kang Feng for CNY 9,999,991.76, existing investor Jiangsu Ace Investment Group Co., Ltd. for CNY 39,999,996.08 with each investor subject to lock-up period of 6 months. The company paid issuing costs of CNY 5,397,882.74 including underwriting and sponsoring costs CNY 4,608,490.10, attorney fees CNY of 235,849.06, audit and capital verification costs of CNY 283,018.87 and information disclosure fee of CNY 270,524.71. Jiangsu Ace Investment Group Co., Ltd. has 18 months lock up period all other investors has 6 months.