Jiajiayue Group Co., Ltd. announced that it entered into share subscription agreement for the private placement of 58,000,000 A shares at a price of CNY 10.49 per share for gross proceeds of CNY 608,420,000 on February 25, 2022. The transaction will include participation from existing investor, Jiajiayue Holding Group Co., Ltd. The shares cannot be transferred within 18 months from the issuance closing date. The transaction has been approved in the 36th meeting of the company's 3rd directorate and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission.