Talkweb Information System Co.,Ltd. announced a private placement of not more than 330,230,062 shares for gross proceeds of not more than CNY 1200 million on April 14, 2020. The issuance price will not be lower than 80% of the median market price of the company´s shares as of 20 previous days of issuance date. The transaction will be directed at not more than 35 specific subscribers.

The transaction has been approved at the 4th meeting of the 7th directorate. The transaction is subject to approval from the shareholders and by the China Securities Regulatory Commission. The securities are subject to a hold period of six months.