Nanjing Chervon Auto Precision Technology Co., Ltd announced a private placement of not more than 60,424,710 A shares for gross proceeds of not more than CNY 2,283,607,400 on December 29, 2021. The transaction will include participation from not more than 35 investors. The issue price will be not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within six months from the issuance date. The transaction has been approved at the 21st meeting of the company's 2nd directorate and is subject to approval from its shareholder and China Securities Regulatory Commission.