Shanghai Fullhan Microelectronics Co., Ltd. announced a private placement to issue A shares on May 17, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the company's holding shareholder, actual controller Yang Xiaoqi and his party acting in concert, counter parties and 11th session of the company's 4th directorate. The transaction is still subjected to approval from shareholders, from Shenzhen Stock Exchange and the China Securities Regulatory Commission.