Wuxi City Xieli New Energy Corporation Limited announced a private placement of not more than 20,000,000 shares at a price of CNY 2.50 per share for gross proceeds of not more than CNY 50,000,000 on January 19, 2018. The transaction will include participation from new investors, Jiangxi Huawu Brake Co.,Ltd. (SZSE:300095) and Beijing Taikong Panel Industry Co., Ltd. (SZSE:300344) for 2,000,000 shares for CNY 5,000,000 each. The investors will hold not more than 7.02% stake in the company.

Jiangxi Huawu Brake Co.,Ltd. (SZSE:300095) has signed the share subscription contract with the company. The transaction was approved at the 15th session of its 1st directorate of the company and is subject to approval from its shareholder's. The shares will be subject to lock-in period of 1.5 years. The current registered capital of the company is CNY 8,500,000.