Shenzhen Jianxin Investment Development Co., Ltd announced that it has entered into share subscription agreement with new investor Shenzhen Jianxin Investment Development Co., Ltd. for a private placement of 44,312,061 shares at a price of CNY 6.93 per share for the gross proceeds of CNY 307,082,582.73 on April 21, 2021. Post closing, Shenzhen Jianxin Investment Development Co., Ltd. will hold 23.08% stake in the company. The shares cannot be transferred within 36 months from the closing date.

The transaction has been approved in the 15th meeting of the company's 7th directorate and has obtained the state-funded enterprise's approval. The transaction is subject to the approval of the company's shareholders and the China Securities Regulatory Commission.