Xiangcai Co.,Ltd announced a private placement to issue shares for an aggregate gross proceeds of not more than CNY 300 million on April 14, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the shareholders of the company in the twenty-ninth meeting of the ninth board of directors of the company and the seventeenth meeting of the ninth board of supervisors.