Cloud Live Technology Group Co.,Ltd announced that it has signed a subscription agreement to issue not more than 100,000,000 A shares and not less than 90,000,000 A shares at a price of CNY 3.14 per share for the gross proceeds of not more than CNY 314 million and not less than CNY 282.6 million on May 29, 2023. The transaction will include participation from new investor, Yangzhou Gaoxiang New Energy Co., Ltd. and shall not be transferred within 18 months from the date of completion of the issuance. The transaction has been approved by the shareholder's of the company at the seventh meeting of the fifth board of directors and the 7th session of the company's 5th directorate for 2023 and the 5th session of the company's 5th supervisory board of the company in 2023.

The transaction still needs to be approved and reviewed by company's shareholders, the Shenzhen Stock Exchange and the China Securities Regulatory Commission.