Shenzhen Zowee Technology Co., Ltd. (SZSE:002369) announced that it will issue 99,273,607 class A shares at a price of CNY 4.13 per share for gross proceeds of CNY 409,999,996.91 on March 29, 2021. The transaction will include participation from new investor Shenzhen Smart City Technology Development Group Co. Ltd. The shares have a par value of CNY 1 each. The investor has signed a subscription agreement with the company and as a part of transaction the investor will acquire 14.68% stake in the company. The transaction has been approved by the board of directors in 13th meeting of the 5th directorate and 11th meeting of the 5th board of supervisors of the company and is subject to approval of company's shareholders, state administration for market regulation passed the anti-monopoly review of the concentration of operators and the China Securities Regulatory Commission. The shares issued will be subject to a lock up period of 18 months.