Ningbo Cixing Co., Ltd. announced a private placement to issue A shares for the gross proceeds of CNY 300,000,000 on April 10, 2024. The issuance subscribers will be no more than 35 specific subscribers such as legal persons, natural persons or other legal organizations that comply with the regulations of the regulatory authorities. The final issuance subscribers will be determined by the company's board of directors in consultation with the sponsor based on the subscription quotation and authorization from the shareholders' meeting.

All subscribers of this issuance will subscribed in cash. The shares subscribed by the issuance target shall not be transferred within 6 months from the date of completion of the issuance. The transaction has been approved in the ninth meeting of the company's fifth board of directors.