Lancy Co., Ltd. announced a private placement to issue not more than 132,733,612 A shares for gross proceeds of not more than CNY 1,667,788,200 on June 27, 2023. The transaction will include participation from no more than 35 investors. The number of shares to be issued does not exceed 30% of the total share capital of 442,445,375 A shares before the issuance.

The final issue price will be after the application for this issue has been reviewed by the Shenzhen Stock Exchange and approved by the China Securities Regulatory Commission for registration, and determined by the company's board of directors through consultation with the sponsor lead underwriter for this issuance in accordance with the authorization of the company's general meeting of shareholders, according to relevant regulations of China Securities Regulatory Commission and Shenzhen Stock Exchange, and according to the subscription quotation situation of the issuance counterparty. The shares to be issued to shall have a lock up period of 6 months from the closing of the transaction. The transaction has been reviewed and approved at the 9th meeting of the 5th board of directors and the 5th meeting of the 5th board of supervisors held by the company, and it still needs to be reviewed and approved by the company's shareholders meeting, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.