Shenzhen Neoway Technology Co.,Ltd. announced a private placement of no more than 27,500,000 A Shares at a price of CNY 15.07 per share for gross proceeds of no more than CNY 414,425,000 on March 7, 2023. The transaction will include participation from Shenzhen Wensen Tewang Consulting Management Co., Ltd., and Wang Kang. The transaction has been reviewed and approved at the eleventh meeting of the company's third board of directors.

The transaction is subject to approval by the company's general meeting of shareholders, by the Shanghai Stock Exchange and by the China Securities Regulatory Commission for registration. All the securities issued in the transaction will subject to a lock-up period is 36 months. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.