Sichuan Xinjinlu Group Co., Ltd. announced a private placement to issue shares of class A at an issue price of CNY 5.20 per share for gross proceeds on September 19, 2022. The transaction included participation from Sichuan Jinhaima Enterprise Company Limited and individual investor, Liu Jiangdong. The shares to be issued will have a restriction period of 18 months from the closing of the transaction.

The transaction has been approved at the 5th interim board meeting. The transaction is subject to approval from the shareholders of the company and China Securities Regulatory Commission. The company has approved the acquisition of Anhui Tianbing Electronic Technology Co., Ltd.’s 65.01% stake and raising supporting funds.