Shenzhen Kedali Industry Co., Ltd announced a private placement of not more than CNY 3,600 Million on November 3, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The shares to be issued shall have a hold period of 6 months from closing of the transaction.

The transaction will include participation from no more than 35 investors. The non-public offering of A shares has been approved by the thirty-seventh meeting of the fourth session of the board of directors. The transaction is still subject to approval from the China Securities Regulatory Commission.