Wuhu Rayhoo Motor Lightweight Technology Co., Ltd. announced a placement of common shares for gross proceeds of CNY 100,000,000 on March 13, 2023. The transaction will include participation from returning investors, Rayhoo Motor Dies Co.,Ltd. and Wuhu Chery Technology Co. Ltd. The transaction has been approved in the 12th meeting of Rayhoo Motor Dies Co.,Ltd.'s 12th directorate and the 11th meeting of the 3rd supervisory board and is subject to the shareholders' approval.