Gospell Digital Technology Co., Ltd. announced that it has signed an agreement private placement of up to 50,145,000 shares at a price of CNY 7.32 per share for the gross proceeds of CNY 367,061,400 on July 29, 2021. The transaction will include participation from returning investor Weifang Bincheng Investment & Development Co., Ltd. The transaction has been approved by the 14th session of the company’s 4th directorate, and still needs to be approved by the state-owned assets supervision and administration department, company’s shareholders’ meeting and China Securities Regulatory Commission. The shares must not be transferred within 36 months. The transaction has been approved by the shareholders of Weifang Bincheng Investment & Development Co., Ltd. under approval [2021] No. 42.