Zhejiang Tiantie Industry Co., Ltd. announced a private placement of 101,566,200 shares of class A for gross proceeds of not more than CNY 810,000,000 on February 19, 2021. The transaction will include participation from not more than 35 investors. The company will issue shares at a price of which is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction has been approved at the 33rd meeting of the 3rd directorate and the 21st meeting of the 3rd supervisory board. The transaction is subject to approval from shareholders of the company, Shenzhen Stock Exchange, and the China Securities Regulatory Commission. The shares to be issued shall have a hold period of 6 months from the closing of the transaction.