Qingdao Gaoce Technology Co., Ltd. announced a private placement of not more than 14,140,271 A shares for gross proceeds of not more than CNY 1,000,000,000 on August 23, 2022. The transaction will include participation from Individual investor, Zhang Xu. The transaction has been approved in the twelfth meeting of the third board of directors of the company and is subject to approval from China Securities Regulatory Commission .

The securities are issued shall not be transferred within 18 months from the date when issuance to Zhang Xu .