Shanghai Xinpeng Industry Co.,Ltd. (SZSE:002328) signed a subscription agreement with Jiangsu Xinchao Technology Group Co., Ltd. for a private placement of 82 million shares at a price of CNY 4.05 per share for gross proceeds of up to CNY 332.1 million on June 3, 2020. The maximum number of shares does not exceed 30% of the total share capital of the company before the transaction and is to be determined by the board of directors authorized by the general meeting of shareholders according to specific circumstances. The transaction was reviewed and approved by the twenty-fifth meeting of the fourth board of directors of the company and still needs to be approved by the company's shareholders' meeting and the China Securities Regulatory Commission. The transaction is subject to approval from shareholders at the 1st extraordinary general meeting of 2020 to be held on June 22, 2020.