Suzhou Mingzhi Technology Co., Ltd. entered into a share subscription agreement for the private placement of A shares at an issue price of CNY 20.580 per share for gross proceeds of up to CNY 400,000,000 on May 5, 2023. The transaction will include participation from individual investors, Wu Qinfang and Qiu He for 9,718,172 shares each. The transaction was approved by the board of directors of the company at its sixth meeting of the second directorate and the fifth meeting of the second supervisory board and is subject to the approvals of the Company's Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.

The securities have a hold period of 18 months from the issuance closing date.