Shanghai Hi-Tech Control System Co., Ltd announced a private placement of common shares at an issue price of CNY 11.76 per share on March 27, 2023. The issue price is not more than 30% of total share capital. The transaction will include participation from not more than 35 investors, and the shares will be priced at not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved 10th meeting of the company's 8th directorate and the 10th meeting of the company's 8th supervisory board, and subject to approval of general meeting of shareholders, Shenzhen Stock Exchange and China Securities Regulatory Commission.