Fujian Snowman Co., Ltd. announced a private placement to issue not more than 202,221,830 A shares for gross proceeds of not more than CNY 670,000,000 on April 23, 2021 and signed a share subscription agreement with Lin Rujie on April 23, 2021. The round will see participation from not more than 35 investors including the company's existing shareholder, Lin Rujie for CNY 60,000,000. The pricing base date is the first day of the issuance period.

The issue price is not less than 80% of the average price of the company's stock during the 20 trading days prior to the pricing base date. The shares issued in the transaction is subject to a lock up period of 18 months from the closing of the transaction for Lin Rujie and a lock up period of 6 months from the closing of the transaction for other investors. The transaction has been approved by the board of directors of the company at the 26th Meeting of the 4th directorate and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.