Jiangsu Xinri E-Vehicle Co., Ltd. announced a private placement of not more than 61,200,000 A shares for gross proceeds of not more than CNY 1,000,000,000 on August 19, 2020. The shares have a par value CNY 1 each. The issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The shares not exceed 30% of the company's total share capital before the issuance. The transaction will include participation from no more than 35 specific investors. The transaction has been approved by the board of directors of the company at its eighth meeting of the company's fifth directorate and sixth meeting of the fifth board of supervisors. The transaction is subject to approval from company’s shareholders meeting and China Securities Regulatory Commission. The shares issued are subject to a hold period of 6 months from the date of issuance. The transaction will be valid for 12 months since approval from the shareholders’ meeting of the company. On August 20, 2020, the company announced that the 1st special shareholder's meting of 2020 will be held on September 7, 2020.