Zhejiang Jinfei Zhizao Motorcycle Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on October 13, 2022. The transaction will include participation from returning investor Zhejiang Jinfei Kaida Wheel Co.,Ltd. Post closing, the registered capital of the company will increase from CNY 100,000,000 to CNY 200,000,000. The transaction has been approved at the 28th meeting of the 4th board of directors of Zhejiang Jinfei Kaida Wheel Co.,Ltd.