Nanchang Xuanqi Technology Co., Ltd announced a private placement of common stock for CNY 100 million on March 2, 2021. The transaction will include participation from returning investor Zhejiang Busen Garments Co., Ltd. (SZSE:002569) to maintain 100% stake of the company. Post the transaction, the registered capital of the company will increase from CNY 1 million to CNY101 million. The transaction has been approved at the 31st session of its 5th directorate and still needs to be approved at shareholders’ meeting.