Wencan Group Co.,Ltd. announced a private placement of not more than 79,057,233 A shares at an issue price of not less than 80% of the average price in the 20 trading days before the pricing reference date for the gross proceeds of CNY 3,500,000,000 on October 25, 2022. The transaction will include participation from not more than 35 investors. The shares are restricted for the holding period of 6 months from the closing date.

The transaction has been approved in the 21st Meeting of the Company's 3rd Directorate and 17th Meeting of the 3rd Supervisory Board of the company. The transaction is subject to approval from the shareholders of the company and China Securities Regulatory Commission.