Zhejiang Phoenix Communication Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 200,386,600 on June 30, 2022. The transaction will involve participation from existing investor, Shenzhen Phoenix Telecom Technology Co., Ltd. to retain its 100% stake in the company. Out of the total amount, the company has received CNY 20,000,000 in its registered capital and rest in the capital reserve.

The transaction has been approved by the board of directors of the company.