Ningbo Yunsheng Co., Ltd. announced an agreement of not more than 296,734,116 shares of class A for gross proceeds of not more than CNY 1,080,000,000 on February 23, 2022. The transaction will include participation from no more than 35 specific subscribers which includes securities investment fund management companies, securities companies, trust investment companies, financial companies, insurance institutional investors, qualified foreign institutional investors, other qualified domestic legal person investors and natural persons shall not exceed 34, and Ningbo Yunsheng Technology Investment Co., Ltd. for 35% of the actual number of shares issued in the transaction. The company will issue shares at issue price which shall not be lower than 80% of the average trading price of the company's stock in the 20 trading days prior to the pricing base date.

The shares to be issued to Ningbo Yunsheng Technology Investment Co., Ltd. shall have a lock up period of 36 months from the closing of the transaction. The transaction has been approved at the fourth meeting of the tenth board of directors of the company. The transaction still needs to reviewed and approved by the company's shareholders' meeting and approved by the China Securities Regulatory Commission.

The validity period of this non-public issuance resolution is 12 months from the date of deliberation and approval at the company's general meeting of shareholders.