Beijing Andawell Science & Technology Co., Ltd. announced a private placement of not more than 76,567,725 A shares for the gross proceeds of not more than CNY 710,000,000 on January 31, 2024. The transaction will include participation from not more than 35 investors. The transaction has been approved at the 18th meeting of the company?s third board of directors.

The transaction still needs to be approved at the company's shareholders' meeting, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission. The shares to be issued shall not be transferred within 6 months from the date of completion of this issuance