Guangdong Chant Group Inc. announced that it has entered into agreement for a private placement of not more than 222,583,007 A shares for proceeds of not more than CNY 706,629,800 on September 28, 2022. The transaction will include participation from not more than 35, including He Qiqiang and Mai Zhenghui, who will subscribe with not less than CNY 20,000,000 each. The shares to be issued to He Qiqiang and Mai Zhenghui subscribe to cannot be transferred within 18 months from the issuance closing date and the shares to be issued to other investors subscribe to cannot be transferred within 6 months from the issuance closing date.

The transaction was approved by the board of directors of the company at its 23rd Meeting of the 5th Directorate and is subject to the approvals of the Company's Shareholders and the China Securities Regulatory Commission.