Hangzhou Linjiang Qianjin Gearbox Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 100,000,000 on July 6, 2020. The transaction will include participation from existing investor Hangzhou Advance Gearbox Group Co., Ltd. (SHSE:601177) for 100% stake in the company. The transaction has been approved in the 7th meeting of the fifth directorate of the investor. Post the transaction, the registered capital will be increase CNY 180,000,000.