Hubei Radio & Television Information Network Co., Ltd. announced that it has entered into agreement for a private placement of not more than 294,563,546 A shares for gross proceeds not more than CNY 1,844,945,300 on August 10, 2020. The company will issue not more than 30% of the total share capital prior to the transaction at issuance price not lower than 80% of the average price of the company's shares as of 20 trading days since issuance date. The transaction will include participation from not more than 35 investors including Hubei Chutian Radio and Television Information Network Co., Ltd and existing investor Hubei Chutian Shi Xun Network Company Limited for not less than CNY 50,000,000 and not more than CNY 200,000,000, and Wuhan Broadcasting and Television Station for not more than CNY 100,000,000.

The shares issues to investor will have a hold period of 18 months from the date of issuance and shares issued to other investors shall not be transferred for 6 months. The transaction has been approved by the board of directors of the company at 41st meeting of the 9th directorate and the 15th meeting of the 8th board of supervisors and is subject to shareholder and China Securities Regulatory Commission approvals.