On April 25, 2023, the company announced a private placement that has approved the issuing of stock by the board of directors in its 30th meeting of the fourth board of directors and the 24th meeting of the fourth board of supervisors.

On April 26, 2023, the company announced it will issue common shares for gross proceeds of not more than CNY 220 million in the transaction. The transaction included the participation from not more than 35 investors. The issue price is not lower than 80% of the company's stock trading average price in the 20 trading days prior to the pricing base date. The shares subscribed by specific objects shall not be transferred within 6 months from the date of completion of this issuance.

On May 15, 2023, the company announced that the transaction has been approved and reviewed by the proposal on the company's plan to issue stocks to specific objects through simplified procedures in 2023.

On July 13, 2023, the company held its 3rd meeting of the 5th board of directors, in which the proposals such as Proposal on the Results of the Company's Issuance of Shares to Specific Objects through Simplified Procedures in 2023. The transaction still need approval from Shenzhen Stock Exchange and China Securities Regulatory Commission.

On July 31, 2023, the company announced that the Shenzhen Stock Exchange accepted application for the issuance of shares to specific targets through simplified procedures .