Offcn Education Technology Co., Ltd. announced a private placement of not more than 1,200,000,000 A shares for gross proceeds of not more than CNY 6,000,000,000 on November 23, 2020. The issue price shall be not exceeding 30% of the company’s total share capital before the issuance. The transaction will include participation from not more than 35 investors. The transaction is valid until 12 months from the date of approval by the company's shareholders' meeting. The shares to be issued in the transaction will be subject to hold period of six months. The transaction has been approved at the 15th meeting of the company's fifth directorate. The transaction is subject to approval by the company’s general meeting of shareholders and China Securities Regulatory Commission.