Shenzhen Dawei Innovation Technology Co., Ltd. announced a private placement to issue not more than 71,124,660 common shares for gross proceeds of up to CNY 1,000,000,000 on November 28, 2023. The shares cannot be transferred within 6 months from the issuance closing date. The transaction will include participation from no more than 35 investors.

The shares will be issued no less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction has been approved by the 11th Meeting of the company?s 6th Directorate and is subject to the approvals of the Company?s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.