BGRIMM Technology Co., Ltd. announced that it has entered into subscription agreements with 4 investors for a private placement of not more than 46,202,964 shares at a price of CNY 9.6 per share for gross proceeds of not more than CNY 447,706,721.16 on April 29, 2020. The transaction will include participation from returning investor BGRIMM Technology Group Co., Ltd. for CNY 189,148,454.4, Zijin Mining Zifeng (Xiamen) Investment Partnership (Limited Partnership) for CNY 95,931,000, China Gold Group Asset Management Co., Ltd. for CNY 93,024,000, and China Nonferrous Metal Mining (Group) Co.,Ltd. for CNY 67,830,000. All securities to be issued to BGRIMM Technology Group Co., Ltd. will be subject to a lock up period of 36 months, and all securities to be issued to other investors will be subject to a lock up period of 10 months.

The transaction has been approved in the 31st meeting of the sixth board of directors of the company, and is subject to the approval in shareholders' meeting of the company, and of China Securities Regulatory Commission. The validity period of this transaction is twelve months from the date of consideration and approval by the company's shareholders' meeting.