Luoniushan Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 1,800 million on May 23, 2023.

On same date, the company has issued not more than 345,454,073 A shares at CNY 5.198444 per share for gross proceeds not more than CNY 1,795,823,800. The issue price is not less than 80% of the average price in the 20 trading days. The transaction included the participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date. The transaction is subject to the approvals by the Company's Shareholders, Shenzhen Stock Exchange, and the China Securities Regulatory Commission in 5th Extraordinary Meeting of the Company's 10th Directorate.