Huai’an Jietai New Energy Technology Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 1,000,000,000 on March 2, 2023. The transaction will include participation from Hainan Drinda New Energy Technology Co., Ltd. The transaction has been approved in the 41st Meeting of the Company’s 4th Directorate and is subject to the shareholders approval. The registered capital of the company will increase from CNY 500,000,000 to CNY 1,500,000,000.