Wuhan Ligong Guangke Co., Ltd. announced that it has signed a share subscription agreement for a private placement of not more than 16,700,562 A shares for gross proceeds of not more than CNY 495,893,700 on July 5, 2021. The price of the shares shall not be less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from 35 investors including China Information and Communication Technology Group Co., Ltd. If China Information and Communication Technology Group Co., Ltd. who along with other holding will not hold more than 30% stake in the company, then the shares cannot be transferred within 18 months from the issuance closing date; and if the stake is more than 30% stake, then the shares cannot be transferred within 36 months from the issuance closing date. The shares issued to other investors cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 6th meeting of the company’s 7th directorate meeting and in the 6th meeting of the 7th directorate and the 5th meeting of the 7th supervisory board. The transaction is subject to the approvals of state enterprise China Information and Communication Technology Group Co., Ltd., Shareholders of the company, the Shenzhen Stock Exchange and the China Securities Regulatory Commission.