Guangzhou Haige Communications Group Incorporated Company announced a share subscription agreement to issue not more than 691,334,601 shares for an aggregate gross proceeds of not more than CNY 2,000,000,000 on March 15, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors including Guangzhou Radio Group Co., Ltd. for not less than 16.02% of the issuance and Guangzhou Guangdian Pingyun Industrial Investment Co., Ltd. for not less than 10% of the issuance post completion of the transaction.

The shares Guangzhou Radio Group Co., Ltd. and Guangzhou Guangdian Pingyun Industrial Investment Co., Ltd. subscribe to cannot be transferred within 18 months from the issuance closing date and the shares to be issued to other investors shall have a hold period of 6 months from closing of the transaction. The transaction has been approved at the 3rd meeting of the 6th directorate. The transaction is still subject to approval from Shareholders, the science, technology, and industry for national defense department, Guangzhou Radio Group Co., Ltd., the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.