Guangdong Kingstrong Technology Co., Ltd. announced a private placement of shares of class A for gross proceeds not more than CNY 300 million on April 21, 2022. The transaction will include participation from not more than 35 special investors. The issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period.

The shares to be issued shall have a lock up period of 6 months. The transaction has been approved at the sixth meeting of the fourth board of directors. The transaction needs to be submitted to 2021 annual general meeting of the shareholders.