Zhejiang Talent Television and Film Co., Ltd. announced that it has entered into share subscription agreement for a private placement of not more than 125,675,000 A shares at a price of CNY 3.94 per share for gross proceeds of not more than CNY 495,162,258 on June 1, 2020. The transaction will include participation from Zhejiang Yitong Digital TV Investment Co., Ltd for 104,729,750 shares and Dongyang Juwen Film and Television Culture Investment Co., Ltd. for 20,945,950 shares. The shares to be subscribed by Zhejiang Yitong Digital TV Investment Co., Ltd. cannot be transferred within 36 months from the issuance date, and the shares subscribed by Dongyang Juwen Film and Television Culture Investment Co., Ltd. cannot be transferred within 18 months from the issuance date. The transaction was approved in the 41st meeting of the 3rd directorate of the company, and is subject to approval from shareholders of the company and China Securities Regulatory Commission.