Yonyou Network Technology Co., Ltd. announced a private placement of up to 487,308,190 A shares for the gross proceeds of up to CNY 6,430,000,000 on June 30, 2020. The transaction will include participation from up to 35 specific investors. The issue price will be determined by the pricing base date that is the first day of the issuance period of the transaction.

The issue price of the transaction is not less than 80% of the average price of the company's stock 20 trading days before the pricing base date. The shares shall not be transferred within 6 months from the closing date of the transaction. The transaction has been approved by fifth meeting of the eighth board of directors and supervisors of the company.

The transaction is subject to approval from shareholders in the 2020 second extraordinary general meeting, China Securities Regulatory Commission and other securities regulatory authorities.