Shenzhen Envicool Technology Co., Ltd. announced a private placement of not more than 96,670,848 A shares of par value CNY 1 for gross proceeds of up to CNY 600,000,000 on July 25, 2020. The transaction will include participation from not more than 35 special investors. The transaction has been approved in the 7th meeting of the 3rd directorate of the company and is still subject to the approval of the company's shareholders in a meeting, Shenzhen Stock Exchange and the China Securities Regulatory Commission. The shares are subject to a lock-up period of 6 months. The pricing base date is the first day of the issue period, and the issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.