S.F. Holding Co., Ltd. announced a private placement of not more than 58,293,300 A shares for gross proceeds of not more than CNY 294,000,000 on May 19, 2023. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors. All securities issued in the transaction have a hold period of 6 months from the issuance closing date.

On July 7, 2023. the company announced that the transaction has been approved at the 2nd Meeting of the 6th Directorate and the 2nd Meeting of the 6th Supervisory Board, and 2nd Meeting of the 6th Directorate and the 2nd Meeting of the 6th Supervisory Board and need approval by the China Securities Regulatory Commission and Shenzhen Stock Exchange are still required.

On January 15, 2024, the company announced that the transaction has been approved by the shareholders of the company in the seventh meeting of the sixth board of directors.