Tongwei Co., Ltd. announced a private placement of not more than 900,391,165 A shares, par value of CNY 1 per share, for gross proceeds of not more than CNY 16,000,000,000 on April 25, 2023. The transaction will include participation from not more than 35 investors. The pricing base date of the non-public offering is the first day of the issue period, and the issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period.

The lock-up period is six months. The transaction has been approved at the tenth meeting of the company's eighth directorate and eighth meeting of the eighth board of supervisors and is subject to the approvals of the shareholders meeting, Shanghai Stock Exchange, and the China Securities Regulatory Commission. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.