The company has announced a board proposal to apply to relevant Chinese regulatory authorities for the issuance and placement of no more than 7,025,592 A-shares. The plan also includes seeking approval from the Shanghai Stock Exchange for the listing and trading of these A-shares on the STAR Market.
The A-share issuance is conditional upon, among other things, the approval of a special resolution by the company's shareholders at an upcoming extraordinary general meeting. Additionally, the issuance requires clearance from the China Securities Regulatory Commission and the Shanghai Stock Exchange before it can be finalized.
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