Zhejiang Jinfei Kaida Wheel Co.,Ltd. announced a private placement to issue not more than 99,771,023 shares for an aggregate gross proceeds of not more than CNY 704,000,000 on June 12, 2023. The transaction will include participation from no more than 35 investors. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the 38th meeting of the company’s fourth directorate and the annual general shareholders meeting of 2022 and it still needs to be approved by the Shenzhen Stock Exchange and the China Securities Regulatory Commission.

On June 22, 2023, the company announced that Shenzhen Stock Exchange has accepted the company's private placement application.