Ningbo Cixing Co.,Ltd. announced a private placement for the issuance of A shares for gross proceeds of not more than CNY 300 million on April 26, 2022. The transaction will include participation from no more than 35 specific investors. The issue price shall not be lower than 80% of the company's average stock price in the 20 trading days prior to the pricing benchmark date.

The transaction has been approved in the fifteenth meeting of the fourth board of directors and subject to approval of shareholders of the company and subject to approval from China Securities Regulatory Commission. The resolution will remain valid from the date of approval at the company's 2021 annual general meeting to the date of the 2022 annual general meeting.