Richinfo Technology Co., Ltd. announced a private placement of gross proceeds of not more than CNY 300 million on April 14, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved at the fifth meeting of the third board of directors and the fifth meeting of the third board of supervisors of the company. The transaction is still subject to approval from company's general meeting of shareholders.