STO Express Co., Ltd. announced a private placement of not more than 337,837,837 A shares for gross proceeds of not more than CNY 3,500,786,200 on July 28, 2021. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average price during the 20 trading days prior to the pricing base date. All securities issued will be subject to a hold period of 6 months. The transaction was approved by the 5th meeting of the company’s 5th directorate. The transaction is subject to the approval by the company’s shareholders’ in its 2nd extraordinary general meeting to be held on August 16, 2021, and China Securities Regulatory Commission.