Shenzhen Youneng New Energy Technology Co., Ltd. announced that it has entered into an agreement with new investor, TianJin JinRong TianYu Precision Machinery Inc. for a private placement of common shares for gross proceeds of CNY 12 million for a 20% stake in the company on January 24, 2022. Post the transaction, CNY 0.25 million will be added to the registered capital of the company and the registered capital of the company will increase from CNY 1 million to CNY 1.25 million. The transaction has been approved in the twenty-fourth meeting of the second board of directors of the investor.

The transaction is expected to close within 10 working days from the date of signing this agreement.