Tofflon Science and Technology Group Co., Ltd. announced a private placement of not more than 188,501,112 A shares for gross proceeds of CNY 3,200,000,000 on February 28, 2022. The issue price shall not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors. The securities issued will be subject to restriction period of 6 months from issuance closing date. The transaction has been approved in the 16th meeting of the company's 5th directorate, and is subject to approval from company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.

On April 27, 2022, the company announced that the application for the issuance of shares has been accepted by the Shenzhen Stock Exchange.