Ningbo Yunsheng Co., Ltd announced private placement does not exceed 296,734,116 A shares at a price of CNY 3.639622 per share for gross proceeds of CNY 1080 million on February 23, 2022. All shares to be issued in the transaction will be subject to a lock-up period of 36 months from the closing date. The par value of share is CNY 1.00. The transaction will include participation from 35 investors. The transaction was approved at the fourth meeting of the tenth board of supervisors of the company and is subject to approval of the China Securities Regulatory Commission. The pricing base date of this non-public offering is the first day of the issuance period of its non-public offering, and the offering price shall not be lower than 80% of the average trading price of its shares in the 20 trading days prior to the pricing base date. The average trading price of the company's stocks in the 20 trading days before the pricing benchmark date equal to the total trading volume in its A shares in the 20 trading days before the pricing benchmark day, the total trading volume its A shares in the 20 trading days before the pricing benchmark date.