AVCON Information Technology Co., Ltd. entered into a share subscription agreement with returning investor Zhihui Technology Investment (Shenzhen) Co., Ltd. for not more than 69,920,901 shares at a price of CNY 2.86 per share for gross proceeds of CNY 199,973,777 on November 15, 2021. The shares cannot be transferred within 18 months from the issuance closing date. The transaction has been approved in the 7th extraordinary meeting of the company's 5th directorate and the 7th extraordinary meeting of the company's 5th supervisory board, and is subject to the approvals of the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.