BIWIN Storage Technology Co., Ltd. announced a private placement to issue not more than 129,098,740 A shares for the gross proceeds of not more than CNY 4,500,000,000 on July 19, 2023. The issue price of the shares will be 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.

The securities issued in the transaction cannot be transferred within 6 months from the issuance closing date. This has been approved in the 10th Meeting of the 3rd Directorate and the 9th Meeting of the 3rd Supervisory Board. The transaction is subject to the approvals of the Company?s Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.