GuangZhou Wahlap Technology Corporation Limited announced a private placement of common shares of class A for gross proceeds of not more than CNY 127,516,700 on May 16, 2023. The company issue shares at a price no less than 80% of the average price in the 20 trading days before the pricing reference date. The shares to be issued are not more than 30% of total share capital.

The transaction will include participation from not more than 35 investors. The transaction has been approved at the 3rd meeting of the 5th directorate, 5th meeting of the 3rd directorate, and 5th meeting of the 3rd supervisory board, and is subject to approval from Shenzhen Stock Exchange and the China Securities Regulatory Commission.