Shenzhen Dawei Innovation Technology Co., Ltd. announced that it has entered into a conditional share subscription agreement with returning investor Shenzhen Chuangtong Investment Development Co., Ltd. for a private placement of not more than 30,000,000 A shares at an issue price of CNY 10.44 per share for gross proceeds of CNY 313,200,000 on March 25, 2022. All securities to be issued in the transaction cannot be transferred within 18 months from the date of closing. The transaction has been approved in the 23rd meeting of the 5th board of directors of the company, and is subject to approval in the company's general meeting of shareholders and approval from China Securities Regulatory Commission.