Zhejiang XCC Group Co.,Ltd announced a private placement of not more than 90,368,678 A shares for gross proceeds of CNY 550,000,000 on May 7, 2022. The transaction will include participation from not more than 35 investors. The issuance price is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction was approved by the board of directors of the company at its 5th meeting of company's 4th directorate, and is subject to the approvals of the company's shareholders and the China Securities Regulatory Commission. The shares cannot be transferred within 6 months from the issuance closing date.