Hangzhou Huaxin Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 153,000,000 on August 14, 2020. The transaction will involve participation from existing investor, Zhuzhou Tianqiao Crane Co., Ltd. (SZSE:002523). Post-closing of the transaction, the stake of the investor will increase from 40.5% to 51.05% in the company. The transaction was approved in the seventh meeting of the fifth directorate of the investor.