Ningbo Heli Technology Co., Ltd. announced a private placement of not more than 47,040,000 A shares for gross proceeds of not more than CNY 805,000,000 on September 28, 2022. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved at the 14th meeting of the company?s 5th directorate of the company, and is subject to the approvals of the company?s shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.

On February 6, 2023, the company announced that the application for the issuance of the shares has been accepted by the China Securities Regulatory Commission.