Hubei Cultural Industry Development Investment Co., Ltd. announced a private placement of 1,620,000,000 shares at a price of CNY 1 per share for gross proceeds of CNY 1,620 million on July 8, 2021. The transaction included participation from Hubei Provincial State-owned Cultural Assets Supervision and Management and Industrial Development Leading Group Office for CNY 870 million for an equity stake of 58.33%, Changjiang Publishing & Media Co., Ltd for CNY 200 million for an equity stake of 11.11%, Hubei Changjiang Press & Media Group Company Limited for CNY 100 million for an equity stake of 5.56%, and other investors for CNY 450 million for an equity stake of 25%. Post the completion of the transaction, the registered capital of the company will be increased from CNY 180 million to CNY 1,800 million.