On June 14, 2023, Qingdao Gaoce Technology Co., Ltd closed the transaction. The company has issued 18,212,668 A shares at an issue price of CNY 50.27 per share for gross proceeds of CNY 915,550,820.36 in the transaction. The transaction included participation from Zhang Xu, the controlling shareholder, actual controller, and chairman of the company.

The shares subscribed by the object of this issuance cannot be transferred within 18 months from the date of completion of the issuance. After deducting the expenses related to this issuance of CNY 5,499,195.85 (excluding value-added tax), the actual net raised funds are CNY 910,051,624.51, of which CNY 18,212,668 is included in the share capital CNY 891,838,956.51 included in the capital reserve.