Hangzhou Youngsun Intelligent Equipment Co., Ltd. announced a private placement to issue not more than 146,449,300 class A for the gross proceeds of not more than CNY 300 million on May 18, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors. The transaction has been approved by the 30th meeting of the fourth session of the board of directors and it still needs to be approved by the Shanghai Stock Exchange and by the China Securities Regulatory Commission.

On the same day, the company announced that the transaction has been approved in the 30th meeting of the fourth board of directors and the 31st meeting of the fourth board of supervisors.