Shenzhen Minkave Technology Co., Ltd. announced a private placement of common shares on October 11, 2021. The transaction will include participation from no more than 35 specific investors. The number of shares to be issued shall not exceed 30% of the total share capital of the company and will not exceed CNY 255,470,000 and not exceed 20% of the net assets at the end of the most recent year. The shares will not be transferred within 6 months from the date of issue. The documents for issuance has been approved in the third meeting of the fourth board of directors of the company and is subject to approval from Shenzhen Stock Exchange and The China Securities Regulatory Commission and the company's board of directors.

On November 23, 2021, the company announced the documents of issuing stocks has been accepted by the Shenzhen Stock Exchange and still needs to be reviewed by the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.