Changchun Zhongding Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 1,500,000 on February 25, 2020. The transaction will involve participation from new investor, Jiangsu Riying Electronics Co., Ltd. (SHSE:603286). The investor has signed capital increase agreement with the company and its existing shareholders. After the capital increase and share transfer, the investor will hold a total of 27.27% stake in the target. The transaction has been approved by the general manager office meeting of the investor and does not require approval of its board of directors.