Hangzhou Changchuan Technology Co.,Ltd announced a private placement of common shares for gross proceeds of not more than CNY 276,700,000 on March 11, 2022. The transaction will include participation not more than 35 investors. The number of shares to be issued shall not exceed 30% of the total share capital of the listed company at an issuance price not lower than 80% of the average price of the company's shares as of 20 trading days since issuance date. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved at the sixth meeting of the third board of directors of the company, and is subject to shareholder, Shenzhen Stock Exchange and China Securities Regulatory Commission approvals. The shares subscribed shall not be transferred within 6 months from the date of issuance.

On June 20, 2022, the company announced that the application of acquisition of assets through the issuance of shares and raising of supporting funds has been accepted by Shenzhen Stock Exchange.