On July 19, 2023, Zhejiang XCC Group Co.,Ltd closed the transaction. The company issued 40,298,507 A shares at an issue price of CNY 13.40 per share for the gross proceeds of CNY 539,999,993.80. The transaction included participation from new investors Shandong Energy Group Capital Management Co., Ltd. for 2,985,074 shares for CNY 39,999,991.60, UBS AG for 2,014,925 shares for CNY 26,999,995, Xingyin Growth Capital Management Co., Ltd. for 1,330,602 shares for CNY 17,830,066.80, Shanghai Boshen Private Equity Fund Management Center (Limited Partnership) (on behalf of Boshen No.

27 Securities Investment Private Equity Fund) for 1,194,029 shares for CNY 15,999,988.60, Jinxiu Zhonghe (Tianjin) Investment Management Co., Ltd. (on behalf of Zhonghe Capital Gengyun No. 610 Private Equity Securities Investment Fund) for 1,194,029 shares for CNY 15,999,988.60, Pacific Assets Management Co., Ltd. (on behalf of China Pacific Life Insurance Co., Ltd.-Traditional-Ordinary Insurance Products) for 1,641,791 shares for CNY 21,999,999.40, Caitong Fund Management Co., Ltd. for 10,033,582 shares for CNY 134,449,998.80, Donghai Fund Management Co., Ltd. for 1,194,029 shares for CNY 15,999,988.60, Guotai Junan Asset Management (Asia) Co., Ltd. for 3,731,343 shares for CNY 49,999,996.20, Nuode Asset Management Co., Ltd. for 10,053,731 shares for CNY 134,719,995.40, Jiangsu Ruihua Investment Management Co., Ltd. (on behalf of Ruihua Selected No. 9 Private Equity Securities Investment Fund) for 3,731,343 shares for CNY 49,999,996.20 and Huatai Financial Holdings (Hong Kong) Co., Ltd. client funds for 1,194,029 shares for CNY 15,999,988.60.

The company has disclosed the issue expenses of CNY 8,776,509.43 and the net proceeds of transaction is CNY 531,223,484.37. The shares are restricted to a hold period of 6 months. The tax-excluded expenses related to the issuance were CNY 8,776,509.43, and the actual net proceeds raised by Wuzhou New Year was 531,223,484.37, of which CNY 40,298,507was included in share capital and CNY 490,924,977.37 was included in capital reserve - share capital premium.