Transwarp Technology (Shanghai) Co.,Ltd. announced a private placement of not more than 24,168,413 A -shares at an issue price of not less than 80% of the average price in the 20 trading days before the pricing reference date for the gross proceeds of not more than CNY 1,520,666,400 on June 7, 2023. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 16th Meeting of the Company?s 1st Directorate and the 15th Meeting of the Company?s 1st Sueprvisory Board, and is subject to the approvals of the Company?s Shareholders, the Shanghai Stock Exchange and the China Securities Regulatory Commission.