Veken Technology Co., Ltd. announced a private placement to issue A shares at an issue price of not be lower than 80% of the average stock price of the company in the 20 trading days prior to the pricing base date for the gross proceeds of no more than CNY 300 million on April 14, 2023. The transaction will include participation from not more than 35 investors. The transaction has been approved in the twenty-fifth meeting of the tenth board of directors and is subjected to the company's general meeting of shareholders for consideration and approval.

The shares are restricted to a hold period of 6 months and post expiration of restricted period it will be implemented in accordance with the relevant regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange.