Triumph Science & Technology Co.,Ltd announced a private placement of not more than 229,165,200 A shares for gross proceeds of not more than CNY 1,500,000,000 on October 18, 2021. The issue price will 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 including existing investor Triumph Science and Technology Group Co., Ltd. who already holds 27.22% and post closing will hold not more than 30% stake in the company. The company has entered into share subscription agreement with the investors. The shares issued to Triumph Science and Technology Group Co., Ltd. will be subject to hold period of 18 months and to other investors will be subject to hold period of 6 months from closing. The transaction has been approved at the 23rd meeting of the company's 7th directorate and is subject to approvals of the State-owned assets supervision, shareholders, and the China Securities Regulatory Commission.

On October 22, 2021, the transaction was approved by investor's parent.