Beijing Dabeinong Technology Group Co., Ltd. announced a private placement of not more than 414,128,185 A shares for gross proceeds of not more than CNY 2,260,000,000 on June 6, 2022. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors. All securities issued in the transaction have a hold period of 6 months. The transaction has been approved in the 37th Extraordinary meeting of the company's 5th directorate and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission.