On May 5, 2023, Sunstone Development Co., Ltd. closed the transaction. The company issued 34,004,952 A shares at an issue price of CNY 20.11 per share for the gross proceeds of CNY 683,839,584.72. The company paid issue fees of CNY 6,239,539.05.

The transaction included participation from new investors, Jiangxi Chinese Media Lanhai International Investment Co., Ltd. for 1,989,060 shares for CNY 39,999,996.60, Hangzhou Zhongcai Yanda Equity Investment Co., Ltd. for 2,983,590 shares for CNY 59,999,994.90, Shenzhen Qindao Capital Management Co., Ltd. for 1,740,427 shares fo CNY 34,999,986.97, Caitong Fund Management Co., Ltd. for 1,839,880 shares for CNY 36,999,986.80, Xiangjiang Industrial Investment Co., Ltd for 1,541,521 shares for CNY 30,999,987.31, Zhongse Asset Management Co., Ltd. for 1,491,795 shares for CNY 29,999,997.45, Nuode Asset Management Co., Ltd. for 8,097,448 shares for CNY 162,839,679.28, Guotai Asset Management Co., Ltd. for 4,724,017 shares for CNY 94,999,981.87, Shandong Huihan Industry Development Co., Ltd. for 994,530 shares for CNY 19,999,998.30, Sunshine Asset Management Co., Ltd. for 1,193,436 shares for CNY 23,999,997.96, Dacheng Fund Management Company Limited for 1,143,709 shares for CNY 22,999,987.99, China Asset Management Co., Ltd. for 1,491,795 shares for CNY 29,999,997.45, JPMorgan Chase Bank, National Association for 994,530 shares for CNY 19,999,998.30, UBS Group AG for 2,784,684 shares for CNY 55,999,995.24 and individual investor Xue Xiaohua for 994,530 shares for CNY 19,999,998.30. After the issuance, Nuode Asset Management Co., Ltd. owns 8,097,448 shares in the company, accounting for 1.50% stake and Guotai Asset Management Co., Ltd. owns 4,724,017 shares in the company, accounting for 0.87% stake.