Shandong Daye Co., Ltd. announced a private placement of no more than 86,943,653 A shares for total gross proceeds of no more than CNY 600,000,000 on May 19, 2023. The transaction will include participation from not more than 35 investors. Issue price will not less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares cannot be transferred within 6 months from the issuance closing date The transaction has been approved at the twenty-sixth, twenty-seventh and thirty-two meetings of the fourth directorate and approved during the company first extraordinary shareholders' meeting of year 2023 and is subject to approval by the Shanghai Stock Exchange and China Securities Regulatory Commission.