Fujian Furi Electronics Co.,Ltd announced that it has signed a conditional effective share subscription contract for a private placement of not more than 136,934,136 A shares for gross proceeds of not more than CNY 1,050,000,000 on October 9, 2020. The transaction will include participation from not more than 35 investors including returning investor Fujian Electronics & Information (Group) Co.,Ltd who will subscribe for not less than 20% of the total number of shares in the transaction. The shares have a par value of CNY 1 per share. The issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. All securities issued in the transaction for Fujian Electronics & Information (Group) Co.,Ltd have a hold period of 18 months and for others its 6 months. The transaction has been approved by the board of directors of the company at third extraordinary meeting of the seventh directorate and fourth extraordinary meeting of the seventh directorate and is subject to approval from company's shareholders meeting and the China Securities Regulatory Commission. The board approval for the transaction is valid for 12 months from the date of deliberation and approval by the shareholders' meeting.

On October 9, 2020, the company announced that it will hold the 3rd special shareholders meeting of 2020 on October 26, 2020 to discuss and approve the transaction.

On October 21, 2020, the company announced that the transaction has been approved by Fujian Electronics & Information (Group) Co.,Ltd.