Zhiyu Zhilian Technology (Fujian) Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 53,334,000 on November 23, 2020. The transaction will include participation from new investor Beijing Electronic Zone Investment and Development Group Co., Ltd. (SHSE:600658) to acquire 17.78% stake in the company. Post the transaction, CNY 2,963,000 will be included in the registered capital of the company and CNY 50,371,000 will be included in the capital reserve of the company.