Guangzhou Canaan Mite Smart Packaging Equipment Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 800,000,000 on February 11, 2022. The transaction will involve participation from Zhejiang Canaan Technology Limited for CNY 650,000,000, Zhang Weiming for CNY 61,220,000, Zhu Xiaobin for CNY 58,160,000, Zhang Chunlin for CNY 15,310,000, He Hongbing for CNY 15,310,000 and post the closing, the investors will hold 62.61%, 16.36%, 15.35%, 2.84%, and 2.84% stake, respectively. The investors Zhejiang Canaan Technology Limited, Zhang Weiming, Zhu Xiaobin, Zhang Chunlin, He Hongbing own 52.67%, 21%, 19.67%, 3.33%, and 3.33% stake respectively.

This does not need the approvals of Zhejiang Canaan Technology Limited's directorate and shareholders. The company completed the change of business registration of its capital increase.