Shandong Econ Technology CO., LTD. announced that it will raise CNY 1,500,000,000 in a round of funding from new investor, Shandong Hi-speed Company Limited on November 4, 2021. The transaction has been approved by the board of directors of the investor in its 27th meeting of the company's sixth board of directors meeting and does not need to be submitted to it's shareholders meeting for deliberation. Post the closing, investor will hold 51% stake in the company.

Post the closing, CNY 93,984,962 will be added to the new registered capital and CNY 1,406,015,038 for the capital reserve of the company. The amount will be paid in three tranches, first within 30 days from the date when the agreement becomes effective and Econ Technology's shareholders meeting resolution on the capital increase is passed, 40% of the amount, 50% within within 30 days from the date when the equity of this capital increase is registered under the name of the investor and the license and financial handover procedures are completed, and 10% in accordance with Econ Technology's funding requirements, within three months from the date when the new equity is registered under our name and the license and financial handover procedures are completed.