Jiangsu Azure Corporation announced that it has entered into a share subscription agreement with Chen Kai for private placement of not more than 165,000,000 A common shares for gross proceeds of not more than CNY 2,500,000,000 on October 8, 2021. The transaction will include participation from not more than 35 specific investors. Chen Kai will invest for not less than CNY 70,000,000 and not more than CNY 250,000,000.

The pricing base date is the first day of the issuance period. The issue price will not be less than 80% of the average trading price during the 20 trading days prior to pricing base date. The shares subscribed by Chen Kai must not be transferred within 18 months after issuance.

The shares subscribed by others must not be transferred within 6 months after issuance. The transaction has been approved at the 23rd session of the company's 5th directorate and is still subject to its shareholders meeting and China Securities Regulatory Commission.