Tillkännagivande • Dec 31
Beijing Tongtech Co., Ltd. to Report Fiscal Year 2025 Results on Apr 27, 2026 Beijing Tongtech Co., Ltd. announced that they will report fiscal year 2025 results on Apr 27, 2026 New Risk • Dec 30
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: CN¥686.2m (US$98.2m) This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (26% average weekly change). Earnings have declined by 66% per year over the past 5 years. Minor Risk Market cap is less than US$100m (CN¥686.2m market cap, or US$98.2m). Board Change • Dec 30
High number of new and inexperienced directors There are 9 new directors who have joined the board in the last 3 years. The company's board is composed of: 9 new directors. 3 experienced directors. No highly experienced directors. Chairman of the Supervisory Board Qiao Chen is the most experienced director on the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Lack of board continuity. Lack of experienced directors. Reported Earnings • Oct 28
Third quarter 2025 earnings released: CN¥0.052 loss per share (vs CN¥0.031 loss in 3Q 2024) Third quarter 2025 results: CN¥0.052 loss per share (further deteriorated from CN¥0.031 loss in 3Q 2024). Revenue: CN¥179.1m (up 35% from 3Q 2024). Net loss: CN¥28.8m (loss widened 68% from 3Q 2024). Over the last 3 years on average, earnings per share has fallen by 59% per year whereas the company’s share price has fallen by 56% per year. Reported Earnings • Aug 27
Second quarter 2025 earnings released: CN¥0.044 loss per share (vs CN¥0.17 loss in 2Q 2024) Second quarter 2025 results: CN¥0.044 loss per share (improved from CN¥0.17 loss in 2Q 2024). Revenue: CN¥105.6m (up 24% from 2Q 2024). Net loss: CN¥24.6m (loss narrowed 74% from 2Q 2024). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 51 percentage points per year, which is a significant difference in performance. Tillkännagivande • Jul 02
Beijing Tongtech Co., Ltd. to Report First Half, 2025 Results on Aug 27, 2025 Beijing Tongtech Co., Ltd. announced that they will report first half, 2025 results on Aug 27, 2025 Tillkännagivande • Jun 06
Beijing Tongtech Co., Ltd., Annual General Meeting, Jun 27, 2025 Beijing Tongtech Co., Ltd., Annual General Meeting, Jun 27, 2025, at 15:00 China Standard Time. Location: 20F, No. 38, Haidian Avenue, Haidian District, Beijing China New Risk • Apr 07
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of Chinese stocks, typically moving 10% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (10% average weekly change). Earnings have declined by 66% per year over the past 5 years. Tillkännagivande • Mar 31
Beijing Tongtech Co., Ltd. to Report Q1, 2025 Results on Apr 25, 2025 Beijing Tongtech Co., Ltd. announced that they will report Q1, 2025 results on Apr 25, 2025 Tillkännagivande • Dec 31
Beijing Tongtech Co., Ltd. to Report Fiscal Year 2024 Results on Apr 25, 2025 Beijing Tongtech Co., Ltd. announced that they will report fiscal year 2024 results on Apr 25, 2025 Reported Earnings • Oct 25
Third quarter 2024 earnings released: CN¥0.031 loss per share (vs CN¥0.049 loss in 3Q 2023) Third quarter 2024 results: CN¥0.031 loss per share (improved from CN¥0.049 loss in 3Q 2023). Revenue: CN¥132.5m (up 2.7% from 3Q 2023). Net loss: CN¥17.2m (loss narrowed 38% from 3Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 104 percentage points per year, which is a significant difference in performance. Tillkännagivande • Sep 30
Beijing Tongtech Co., Ltd. to Report Q3, 2024 Results on Oct 25, 2024 Beijing Tongtech Co., Ltd. announced that they will report Q3, 2024 results on Oct 25, 2024 Reported Earnings • Aug 29
Second quarter 2024 earnings released: CN¥0.17 loss per share (vs CN¥0.20 loss in 2Q 2023) Second quarter 2024 results: CN¥0.17 loss per share. Revenue: CN¥85.5m (down 21% from 2Q 2023). Net loss: CN¥93.2m (loss widened 1.7% from 2Q 2023). New Risk • Aug 19
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 8.4% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risk Earnings have declined by 54% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (8.4% average weekly change). Shareholders have been diluted in the past year (21% increase in shares outstanding). Tillkännagivande • Jun 29
Beijing Tongtech Co., Ltd. to Report First Half, 2024 Results on Aug 29, 2024 Beijing Tongtech Co., Ltd. announced that they will report first half, 2024 results on Aug 29, 2024 Reported Earnings • May 02
First quarter 2024 earnings released: CN¥0.13 loss per share (vs CN¥0.19 loss in 1Q 2023) First quarter 2024 results: CN¥0.13 loss per share (improved from CN¥0.19 loss in 1Q 2023). Revenue: CN¥75.7m (up 102% from 1Q 2023). Net loss: CN¥72.9m (loss narrowed 18% from 1Q 2023). Over the last 3 years on average, the company's share price growth rate has exceeded its earnings growth rate by 100 percentage points per year, which is a significant difference in performance. Tillkännagivande • May 01
Beijing Tongtech Co., Ltd., Annual General Meeting, May 20, 2024 Beijing Tongtech Co., Ltd., Annual General Meeting, May 20, 2024, at 15:00 China Standard Time. Location: 22F, Block A, No. 2, Zhongguancun South Avenue, Haidian District, Beijing China Tillkännagivande • Mar 30
Beijing Tongtech Co., Ltd. to Report Q1, 2024 Results on Apr 27, 2024 Beijing Tongtech Co., Ltd. announced that they will report Q1, 2024 results on Apr 27, 2024 Tillkännagivande • Feb 02
Beijing Tongtech Co., Ltd. (SZSE:300379) commences an Equity Buyback Plan for CNY 120 million worth of its shares, under the authorization approved on January 29, 2024. Beijing Tongtech Co., Ltd. (SZSE:300379) commences share repurchases on January 31, 2024, under the program mandated by the shareholders in the Annual General Meeting held on January 29, 2024. As per the mandate, the company is authorized to repurchase up to CNY 120 million worth of its shares. The repurchase price will not be more than CNY 28 per share. The repurchased shares will be used to implement employee stock ownership plans or equity incentives. The source of funds used to repurchase shares is company's own funds or self-raised funds. The program is valid for 12 months. As of December 29, 2023, the company had 566,722,828 shares outstanding. Tillkännagivande • Dec 30
Beijing Tongtech Co., Ltd. to Report Fiscal Year 2023 Results on Apr 20, 2024 Beijing Tongtech Co., Ltd. announced that they will report fiscal year 2023 results on Apr 20, 2024 New Risk • Nov 30
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of Chinese stocks, typically moving 5.9% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (5.9% average weekly change). Large one-off items impacting financial results. Shareholders have been diluted in the past year (23% increase in shares outstanding). Price Target Changed • Oct 28
Price target decreased by 23% to CN¥23.00 Down from CN¥30.00, the current price target is provided by 1 analyst. New target price is 16% above last closing price of CN¥19.89. Stock is down 18% over the past year. The company is forecast to post earnings per share of CN¥0.91 for next year compared to CN¥0.13 last year. Reported Earnings • Oct 26
Third quarter 2023 earnings released: CN¥0.049 loss per share (vs CN¥0.20 loss in 3Q 2022) Third quarter 2023 results: CN¥0.049 loss per share (improved from CN¥0.20 loss in 3Q 2022). Revenue: CN¥129.0m (up 35% from 3Q 2022). Net loss: CN¥27.7m (loss narrowed 69% from 3Q 2022). Revenue is forecast to grow 53% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Software industry in China. Over the last 3 years on average, earnings per share has fallen by 61% per year but the company’s share price has only fallen by 2% per year, which means it has not declined as severely as earnings. New Risk • Sep 04
New minor risk - Shareholder dilution The company's shareholders have been diluted in the past year. Increase in shares outstanding: 23% This is considered a minor risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. This is currently the only risk that has been identified for the company. Reported Earnings • Aug 31
Second quarter 2023 earnings released: CN¥0.20 loss per share (vs CN¥0.096 loss in 2Q 2022) Second quarter 2023 results: CN¥0.20 loss per share (further deteriorated from CN¥0.096 loss in 2Q 2022). Revenue: CN¥108.4m (down 12% from 2Q 2022). Net loss: CN¥91.7m (loss widened 109% from 2Q 2022). Revenue is forecast to grow 48% p.a. on average during the next 2 years, compared to a 23% growth forecast for the Software industry in China. Over the last 3 years on average, earnings per share has fallen by 41% per year but the company’s share price has only fallen by 11% per year, which means it has not declined as severely as earnings. Tillkännagivande • Aug 15
Beijing Tongtech Co., Ltd. Announces Executive Changes Beijing Tongtech Co., Ltd. at its Extraordinary General Meeting of 2023 on 11 August 2023, approved Election and nomination of Li Lijun, Yang Yixian, Zhou Huidong and Zhao Yongjie as non-independent directors, Election and nomination of Lv Tingjie as independent director and Election of An Jing as non-employee supervisors. Tillkännagivande • Jul 23
Beijing Tongtech Co., Ltd. Announces Final Dividend on A Shares for the Year 2022, Payable on July 27, 2023 Beijing Tongtech Co., Ltd. announced final cash dividend/10 shares (tax included) of CNY0.30000000 on A shares for the year 2022. Record date is July 26, 2023. Ex-date is July 27, 2023. Payment date is July 27, 2023. Tillkännagivande • Jun 14
Beijing Tongtech Co., Ltd. Proposes Cash Dividend for 2022 Beijing Tongtech Co., Ltd. announced the profit distribution proposal for 2022 of cash dividend (tax included) of CNY 0.30000000 per 10 shares. Tillkännagivande • Jun 07
Beijing Tongtech Co., Ltd., Annual General Meeting, Jun 26, 2023 Beijing Tongtech Co., Ltd., Annual General Meeting, Jun 26, 2023, at 15:00 China Standard Time. Agenda: To consider 2022 annual report and its summary; to consider 2022 work report of the board of directors; to consider 2022 work report of the supervisory committee; to consider 2022 annual accounts; to consider 2022 profit distribution plan; to consider Remuneration plan for non-independent directors and supervisors; to consider Reappointment of 2023 audit firm; and to consider Amendments to the Company's articles of association. Major Estimate Revision • May 05
Consensus revenue estimates decrease by 11% The consensus outlook for fiscal year 2023 has been updated. 2023 revenue forecast fell from CN¥1.36b to CN¥1.21b. EPS estimate unchanged from CN¥0.66 per share at last update. Software industry in China expected to see average net income growth of 73% next year. Consensus price target of CN¥24.00 unchanged from last update. Share price fell 2.7% to CN¥25.05 over the past week. Reported Earnings • Apr 28
First quarter 2023 earnings released: CN¥0.19 loss per share (vs CN¥0.10 loss in 1Q 2022) First quarter 2023 results: CN¥0.19 loss per share (further deteriorated from CN¥0.10 loss in 1Q 2022). Revenue: CN¥37.5m (down 52% from 1Q 2022). Net loss: CN¥88.6m (loss widened 89% from 1Q 2022). Revenue is forecast to grow 38% p.a. on average during the next 2 years, compared to a 20% growth forecast for the Software industry in China. Over the last 3 years on average, earnings per share has fallen by 18% per year but the company’s share price has only fallen by 1% per year, which means it has not declined as severely as earnings. Major Estimate Revision • Feb 03
Consensus revenue estimates fall by 11% The consensus outlook for revenues in fiscal year 2022 has deteriorated. 2022 revenue forecast decreased from CN¥1.14b to CN¥1.01b. EPS estimate fell from CN¥0.603 to CN¥0.305 per share. Net income forecast to grow 985% next year vs 81% growth forecast for Software industry in China. Consensus price target of CN¥24.00 unchanged from last update. Share price rose 7.7% to CN¥24.68 over the past week. Major Estimate Revision • Nov 26
Consensus forecasts updated The consensus outlook for 2022 has been updated. 2022 EPS estimate fell from CN¥0.88 to CN¥0.67. Revenue forecast unchanged from CN¥1.14b at last update. Net income forecast to grow 1,276% next year vs 75% growth forecast for Software industry in China. Consensus price target of CN¥24.00 unchanged from last update. Share price fell 7.3% to CN¥21.36 over the past week. Board Change • Nov 16
Less than half of directors are independent Following the recent departure of a director, there are only 3 independent directors on the board. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Xianquan Cheng was the last independent director to join the board, commencing their role in 2019. The company's minority of independent directors is a risk according to the Simply Wall St Risk Model. Reported Earnings • Oct 28
Third quarter 2022 earnings released: CN¥0.20 loss per share (vs CN¥0.10 profit in 3Q 2021) Third quarter 2022 results: CN¥0.20 loss per share (down from CN¥0.10 profit in 3Q 2021). Revenue: CN¥95.3m (down 48% from 3Q 2021). Net loss: CN¥89.9m (down 295% from profit in 3Q 2021). Revenue is forecast to grow 35% p.a. on average during the next 3 years, compared to a 24% growth forecast for the Software industry in China. Over the last 3 years on average, earnings per share has increased by 8% per year whereas the company’s share price has increased by 5% per year. Valuation Update With 7 Day Price Move • Oct 12
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥21.36, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 24x in the Software industry in China. Total loss to shareholders of 8.0% over the past three years. Reported Earnings • Aug 31
Second quarter 2022 earnings released: CN¥0.096 loss per share (vs CN¥0.072 loss in 2Q 2021) Second quarter 2022 results: CN¥0.096 loss per share (down from CN¥0.072 loss in 2Q 2021). Revenue: CN¥122.5m (up 108% from 2Q 2021). Net loss: CN¥43.9m (loss widened 34% from 2Q 2021). Over the next year, revenue is forecast to grow 60%, compared to a 33% growth forecast for the Software industry in China. Over the last 3 years on average, earnings per share has increased by 20% per year but the company’s share price has only increased by 2% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Aug 08
Investor sentiment improved over the past week After last week's 15% share price gain to CN¥19.82, the stock trades at a forward P/E ratio of 19x. Average forward P/E is 28x in the Software industry in China. Total returns to shareholders of 63% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at CN¥11.59 per share. Tillkännagivande • Jul 09
Beijing Tongtech Co., Ltd. Announces Final Dividend on Share A for 2021, Payable on July 15, 2022 Beijing Tongtech Co., Ltd. announced Cash dividend/10 shares (tax included): CNY 0.90000000 on share A for 2021. Record date: 14 July 2022, Ex-date: 15 July 2022 and Payment date: 15 July 2022. Tillkännagivande • May 24
Beijing Tongtech Co., Ltd. Approves Cash Dividend for the Year 2021 Beijing Tongtech Co., Ltd. approved cash dividend (tax included) of CNY 0.900000 per 10 shares for the year 2021, at the AGM held on May 20, 2022. Price Target Changed • Apr 27
Price target decreased to CN¥27.00 Down from CN¥39.00, the current price target is an average from 3 analysts. New target price is 80% above last closing price of CN¥14.98. Stock is down 38% over the past year. The company is forecast to post earnings per share of CN¥0.85 for next year compared to CN¥0.55 last year. Board Change • Apr 27
Less than half of directors are independent There are 5 new directors who have joined the board in the last 3 years. Of these new board members, 1 was an independent director. The company's board is composed of: 3 independent directors. 4 non-independent directors. Independent Director Xianquan Cheng was the last independent director to join the board, commencing their role in 2019. The following issues are considered to be risks according to the Simply Wall St Risk Model: Minority of independent directors. Lack of board continuity. Reported Earnings • Apr 16
Full year 2021 earnings: EPS and revenues miss analyst expectations Full year 2021 results: EPS: CN¥0.55 (vs CN¥0.55 in FY 2020). Revenue: CN¥863.2m (up 35% from FY 2020). Net income: CN¥248.1m (up 1.5% from FY 2020). Profit margin: 29% (down from 38% in FY 2020). The decrease in margin was driven by higher expenses. Revenue missed analyst estimates by 9.5%. Earnings per share (EPS) also missed analyst estimates by 33%. Over the next year, revenue is forecast to grow 34%, compared to a 30% growth forecast for the industry in China. Over the last 3 years on average, earnings per share has increased by 31% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Mar 07
Investor sentiment deteriorated over the past week After last week's 17% share price decline to CN¥22.81, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 31x in the Software industry in China. Total returns to shareholders of 40% over the past three years. Valuation Update With 7 Day Price Move • Jan 27
Investor sentiment deteriorated over the past week After last week's 18% share price decline to CN¥28.01, the stock trades at a forward P/E ratio of 24x. Average forward P/E is 33x in the Software industry in China. Total returns to shareholders of 207% over the past three years. Major Estimate Revision • Nov 27
Consensus forecasts updated The consensus outlook for 2021 has been updated. 2021 EPS estimate increased from CN¥0.81 to CN¥0.92. Revenue forecast unchanged at CN¥937.0m. Net income forecast to grow 72% next year vs 63% growth forecast for Software industry in China. Consensus price target of CN¥39.00 unchanged from last update. Share price rose 5.3% to CN¥33.74 over the past week. Reported Earnings • Oct 23
Third quarter 2021 earnings released: EPS CN¥0.10 (vs CN¥0.12 in 3Q 2020) The company reported a mediocre third quarter result with weaker earnings and profit margins, although revenues improved. Third quarter 2021 results: Revenue: CN¥184.2m (up 57% from 3Q 2020). Net income: CN¥46.1m (down 16% from 3Q 2020). Profit margin: 25% (down from 47% in 3Q 2020). Over the last 3 years on average, earnings per share has increased by 60% per year but the company’s share price has only increased by 52% per year, which means it is significantly lagging earnings growth. Reported Earnings • Aug 27
Second quarter 2021 earnings released: CN¥0.072 loss per share (vs CN¥0.006 loss in 2Q 2020) The company reported a poor second quarter result with increased losses and weaker control over costs, although revenues were flat. Second quarter 2021 results: Revenue: CN¥58.8m (flat on 2Q 2020). Net loss: CN¥32.7m (loss widened CN¥29.9m from 2Q 2020). Over the last 3 years on average, earnings per share has increased by 80% per year but the company’s share price has only increased by 58% per year, which means it is significantly lagging earnings growth. Valuation Update With 7 Day Price Move • Jul 09
Investor sentiment improved over the past week After last week's 16% share price gain to CN¥30.36, the stock trades at a forward P/E ratio of 38x. Average forward P/E is 35x in the Software industry in China. Total returns to shareholders of 224% over the past three years. Tillkännagivande • May 21
Beijing Tongtech Co., Ltd. Approves Cash Dividend for 2020 Beijing Tongtech Co., Ltd. approved cash dividend/10 shares (tax included): CNY 1.20000000 for the year 2020. Tillkännagivande • Apr 29
Beijing Tongtech Co., Ltd. Proposes Final Cash Dividend for the Year 2020 Beijing Tongtech Co., Ltd. proposed final cash dividend/10 shares (tax included): CNY 1.20000000 for the year 2020. Reported Earnings • Apr 28
Full year 2020 earnings released: EPS CN¥0.88 (vs CN¥0.53 in FY 2019) The company reported a strong full year result with improved earnings, revenues and profit margins. Full year 2020 results: Revenue: CN¥640.3m (up 28% from FY 2019). Net income: CN¥244.4m (up 73% from FY 2019). Profit margin: 38% (up from 28% in FY 2019). The increase in margin was driven by higher revenue. Over the last 3 years on average, earnings per share has increased by 94% per year but the company’s share price has only increased by 38% per year, which means it is significantly lagging earnings growth. Is New 90 Day High Low • Jan 21
New 90-day high: CN¥46.90 The company is up 30% from its price of CN¥36.10 on 23 October 2020. The Chinese market is up 8.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is up 1.0% over the same period. Is New 90 Day High Low • Dec 29
New 90-day high: CN¥43.65 The company is up 18% from its price of CN¥36.90 on 30 September 2020. The Chinese market is up 5.0% over the last 90 days, indicating the company outperformed over that time. It also outperformed the Software industry, which is down 7.0% over the same period. Is New 90 Day High Low • Oct 26
New 90-day low: CN¥35.05 The company is down 18% from its price of CN¥42.66 on 28 July 2020. The Chinese market is up 2.0% over the last 90 days, indicating the company underperformed over that time. It also underperformed the Software industry, which is down 8.0% over the same period. Reported Earnings • Oct 23
Third quarter earnings released Over the last 12 months the company has reported total profits of CN¥103.5m, down 30% from the prior year. Total revenue was CN¥449.3m over the last 12 months, up 3.7% from the prior year. Tillkännagivande • Sep 19
Huang Yongjun cancelled the acquisition of 3.6% stake in Beijing Tongtech Co., Ltd. (SZSE:300379). Huang Yongjun agreed to acquire 3.6% stake in Beijing Tongtech Co., Ltd. (SZSE:300379) on November 1, 2017. As per the transaction, Chairman Huang Yongjun agreed to acquire 10 million shares of Beijing Tongtech Co., Ltd.
Huang Yongjun cancelled the acquisition of 3.6% stake in Beijing Tongtech Co., Ltd. (SZSE:300379) on November 1, 2018. Tillkännagivande • Jul 19
Beijing Tongtech Co., Ltd. to Report First Half, 2020 Results on Aug 12, 2020 Beijing Tongtech Co., Ltd. announced that they will report first half, 2020 results on Aug 12, 2020 Tillkännagivande • Jul 10
Beijing Tongtech Co., Ltd. announced that it expects to receive CNY 350 million in funding Beijing Tongtech Co., Ltd. (SZSE:300379) announced a private placement of common shares for gross proceeds of up to CNY 350,000,000 on July 9, 2020.