Avary Holding(Shenzhen)Co., Limited announced a private placement of not more than 150,000,000 A shares, par value CNY 1 per share, for gross proceeds of not more than CNY 4,000,000,000 on December 6, 2022. The transaction will include participation from not more than 35 investors. The pricing base date of this issuance is the first day of the issuance period of the company's non-public issuance of shares.

The price of this issuance shall not be lower than 80% of the average stock trading price of the company in the 20 trading days before the pricing base date. The shares subscribed in the transaction shall not be transferred within six months from the date of completion of the issuance. The transaction was approved at the 22nd meeting of the second board of directors of the company.

The transaction is subject to the approval of general meeting of shareholders and the China Securities Regulatory Commission. The validity period of the resolution on the transaction is 12 months from the date when the issuance plan is reviewed and approved by the company's general meeting of shareholders.