Pylon Technologies Co., Ltd. announced a private placement of 46,453,359 A Shares for gross proceeds of not more than CNY 5,000,000,000 on June 9, 2022. The transaction will include participation from not more than 35 subscribers will be legal persons, natural persons or other legal investment organizations, securities investment fund management companies, securities companies, and qualified foreign institutions, trust companies. The issue price is not lower than 80% of the company's average stock trading price in the 20 trading days before the pricing reference date. The final issue price will be approved by the Shanghai Stock Exchange after the issuance application is approved by the China Securities Regulatory Commission. The number of shares to be issued does not exceed 30% of the total share capital of 154,844,533 shares before the issuance. The transaction has been reviewed and approved at the 23rd meeting of the second board of directors of the company, and it still needs to be reviewed and approved by the company's shareholders meeting, the Shanghai Stock Exchange and the China Securities Regulatory Commission. The shares to be issued to shall have a lock up period of 6 months from the closing of the transaction.

On July 25, 2022, the company received acceptance on the transaction from Shanghai Stock Exchange.