Tianshui Huatian Technology Co., Ltd. announced a private placement of not more than 680,000,000 A shares for gross proceeds of not more than CNY 5,100,000,000 on January 18, 2021. The shares will be issued at an issue price of not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved by the board of directors in its 10th meeting of its 6th directorate, and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission.