Shanghai Baolong Automotive Technology (Anhui) Co., Ltd. announced a private placement of CNY 300,000,000 on February 22, 2022. The transaction includes participation from returning investor Shanghai Baolong Automotive Corporation. Post the transaction, the company's capital will increase from CNY 300,000,000 to CNY 600,000,000.

The transaction is approved in the 17th Meeting of the Company's 6th Directorate and the 13th Meeting of the Company's 6th Supervisory Board, and does not need the Shareholders' Approval.