BanBao Co., Ltd. announced a private placement of not more than 102,790,000 A shares for gross proceeds of up to CNY 2,415,000,000 on February 15, 2022. 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 to be issued in the transaction have a hold period of 6 months. The transaction has been approved in the 2nd meeting of the 4th supervisory board, 5th meeting of the it's 4th directorate and is subject to the approvals of the it's shareholders and the China Securities Regulatory Commission.