On March 9, 2022, Astro-century Education&Technology Co.,Ltd closed the transaction. The company will issued 29,843,080 shares at a price of CNY 8.18 per share for total gross proceeds of CNY 244,116,394.40. The transaction included participation from existing investor Beijing King & Key Education Investment Co., Ltd., for 15,586,797 shares for CNY 127,499,999.46, Taidesheng Investment Delai No.

1 Private Securities Investment Fund, for 1,833,740 shares for CNY 14,999,993.20, and Taidesheng Investment Tailai No. 2 Private Securities Investment Fund, for 1,833,740 shares for CNY 14,999,993.20, both funds managed by Beijing Taidesheng Investment Co., Ltd., Xincheng Yuanyu Capital No. 6 Private Securities Investment Fund, a fund managed by Xincheng Yuanyu Investment Management (Beijing) Co., Ltd., for 1,100,244 shares for CNY 8,999,995.92, Jintai Jixiang No.

2 Private Securities Investment Fund, for 1,955,990 shares for CNY 15,999,998.20, Jintai Longsheng No. 7 Private Securities Investment Fund for 1,222,493 shares for CNY 9,999,992.74, Jintai Longsheng No. 9 Private Securities Investment Fund for 1,222,493 shares for CNY 9,999,992.74, all funds managed by Beijing Chuangfu Jintai Investment Fund Management Co., Ltd, Caitong Fund Management Co., Ltd. for 564,357 shares for CNY 4,616,440.26, Zhang Jianfei for 3,422,982 shares for CNY 27,999,992.76, and Li Tianhong for 1,100,244 shares for CNY 8,999,995.92.

The total expenses incurred in the transaction is CNY 8,009,433.96. The net proceeds of the company is CNY 236,106,960.44 in the transaction. Post closing Beijing King & Key Education Investment Co., Ltd.'s stake increased from 46.71% to 47.48%, Zhang Jianfe iwill hold 1.62% stake in the company.