Suzhou Hengmingda Electronic Technology Co., Ltd. announced a private placement of 69,051,529 A shares for the gross proceeds of not more than CNY 1,500 million on February 28, 2023. The transaction included participation from not more than 35 specific investment subscribers. The pricing benchmark date for the issuance of stocks to specific objects is the first day of the issuance period of issuing shares to specific objects to the company. The issuance price of the issuance of stocks to specific objects this time is not less than 80%of the company's stock trading price of 20 trading days. The number of shares to be issued to specific objects this time is calculated according to the total amount of the issuance of the fundraising funds raised to specific objects in this issue, and the number of issuances does not exceed 30% of the total share capital of the company before the issuance. The transaction has been approved by the 39th meeting of the second board of directors and the 29th meeting of the second board of supervisors and need to be reviewed and approved by the shareholders' meeting, Shenzhen Stock Exchange and the approval of the China Securities Regulatory Commission. The securities to be issued in the transaction will be subject to a 6 month hold period from date of issuance.

On June 9, 2023, the company announced that the Shenzhen Stock Exchange approved the application.