Tatwah Smartech Co.,Ltd announced a private placement of not more than 344,128,359 A shares at an issue price of CNY 2.22 per share for gross proceeds of not more than CNY 763,964,957 on June 10, 2022. The transaction will include participation from new investor Fujian Haosheng Investment Co., Ltd for 23.8% stake. The transaction was approved by the board of directors of the company at its 9th meeting of the 4th directorate and is subject to the approvals of the Company's Shareholders and the China Securities Regulatory Commission.

The shares to be issued will not be transferred within 18 months from the issuance closing date.