Zhejiang Culture and Art Exchange Co., Ltd announced that it expects to receive CNY 8.07743 million in funding from Zhejiang Xinyuan Cultural Industry Group Co. Ltd, Zhewen Interactive Group Co., Ltd., Zhejiang Wenyuan Investment Management Co., Ltd., Baoku Group Co., Ltd., Qitian Holding Co., Ltd., Wenzhou Taida Investment Management Co., Ltd.

Zhejiang Culture and Art Exchange Co., Ltd announced a private placement of CNY 8,077,429.69 on September 29, 2022. The company entered to purchase agreement. The company's capital will increase CNY 300,000,000 to CNY 38,077,429.67.

The transaction is expected to close on December 31, 2022.The shareholder Zhejiang Xinyuan Cultural Industry Group Co., Ltd. will increase the capital by CNY 5,331,103.57; Zhewen Interactive Group Co., Ltd will increase the capital CNY 767,355.82, and Zhejiang Wenyuan Investment Management Co., Ltd. will increase the capital CNY 605,807.23; the shareholder Baoku Group will increase its capital CNY 605,807.23; the shareholder Qitian Holdings Co., Ltd. will increase capital CNY 444,258.63 ; shareholder Wenzhou Taida Investment Management Co., Ltd. will increase capital CNY 323,097.19. The investors will hold 66%, 9.5%, 7.5%, 7.5%, 5.5%, 4% stake respectively.