Wuhan DDMC Culture & Sports Co.,Ltd announced a private placement of 175,385,586 A shares at a price of CNY 4.85 per share for gross proceeds of CNY 850,620,100 on July 16, 2021. The transaction will include participation from Wuhan Guochuang Capital Investment Co., Ltd. The company will not issue more than 30% of the total share capital. The shares issued in the transaction will have a hold period of 18 months from the closing date. The transaction has been approved at the 21st meeting of the ninth board of directors of the company, and the approval of the company’s general meeting of shareholders and the approval of the China Securities Regulatory Commission is still required. The company announced that the proposal of the transaction has been approved at the meeting held by board of supervisors.