On February 17, 2022, Shanghai Guao Electronic Technology Co., Ltd. closed the transaction. The company issued 43,787,639 shares for gross proceeds of CNY 649,999,989. The transaction included participation from Chen Chongjun, increasing its holdings from 86,325,750 shares, 28.39% stake, to 130,113,389 shares, 37.41% stake.

Post the closing, the registered capital of the company increased from CNY 304,047,000 to CNY 347,834,639. The company incurred issue expense in respect of the transaction for CNY 5,405,874.18.