Hangzhou Prevail Optoelectronic Equipment Co., Ltd. announced that it has entered into a share subscription agreement for private placement of 18,765,638 common shares at a price of CNY 23.98 per share for gross proceeds of CNY 449,999,999.24 on September 7, 2021. The transaction will included participation from individual investor Lei Qianguo, will hold 21.48% company stake and 38.43% voting rights, and he will become the company’s controlling shareholder and the actual controller. The shares cannot be transferred within 36 months from the issuance closing date. The transaction has been approved at the 9th meeting of the 4th directorate and 8th meeting of 4th supervisory board of company and is subject to approval of shareholder's, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.