Beijing Qianjing Wuyou Electronic Technology Co., Ltd. announced that it has entered into capital increase agreement for a private placement of approximately 44,000,000 common shares at a price of CNY 2 per share for gross proceeds of CNY 88,000,000 on September 22, 2020. The transaction will include participation from individual investors Jing Zhijun for CNY 24,000,000, Huang Jianlin for CNY 48,000,000, Shao Zongwei for CNY 16,000,000 and returning investor Beijing E-Techstar Co.,Ltd. (SZSE:300513). Upon completion, Jing Zhijun will own 30.03% stake, Huang Jianlin will own 24% stake, Shao Zongwei will own 8% stake in the company. The transaction has been approved by the company's 29th meeting of the third board of directors, and is subject to the company's 2020 third extraordinary general meeting of shareholders. As a result, company's registered capital will increase from CNY 56,000,000 to CNY 100,000,000.