Shenzhen Clou Electronics Co., Ltd announced that it has entered into Share Subscription Agreement for a private placement of 422,504,744 A shares for the gross proceeds of CNY 2,200,000,000 on December 28, 2021. The issue price shall not not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35, including returning investor Shenzhen Capital Operation Group Co., Ltd for CNY 540,000,000.

The shares of Shenzhen Capital Operation Group Co., Ltd. subscribes to cannot be transferred within 18 months from the issuance closing date. The shares the other investors subscribe to cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 9th Extraordinary Meeting of the Company's 8th Directorate held and is subject to the approvals of the Company's Shareholders, the state-owned assets supervision authority, and the China Securities Regulatory Commission.