Xiamen Xindeco Ltd. announced a private placement transaction of not more than 161,657,512 A Shares for total gross proceeds of not more than CNY 739,255,900 on June 29, 2022. The transaction will include participation from not more than 35 designated investors, including returning investor Xiamen ITG Holding Group Co., Ltd., for no less than 39.23% and no more than 57.70%, and not be less than the minimum subscription quantity which is equal to actual total amount of funds that can be raised after approval by China Securities Regulatory Commission divided by issue price and multiplication of 20%. The issue price for the shares to be issued in the private placement shall not be less than 80% of the average stock price 20 trading days before the pricing reference date.

The securities to be issued in the transaction will have a lock-up period of eighteen months after issuance completion date. The transaction has been approved at the ninth meeting of the eleventh board of directors of the company and still need to be approved by Xiamen State-owned Assets Supervision and Administration Commission, the company's general meeting of shareholders and the China Securities Regulatory Commission.