Hubei Fuxing Science and Technology Co.,Ltd announced a private placement of not more than 284,796,742 A shares for gross proceeds of not more than CNY 1,340,641,800 on December 5, 2022. The transaction will include participation from does not exceed 35 investors. The pricing base date of this transaction is the first day of the issue period, and the issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period.

The type of shares to be issued in this transaction is common shares listed in China, with a par value of CNY 1.00 each. The lock-up period is 6 months. The resolution for the non-public issuance of shares is valid for 12 months from the date of deliberation and approval by the shareholders' meeting.

The transaction has been approved by 16th meeting of the 10th board of directors and still needs to be reviewed and approved by the company's shareholders' meeting and the China Securities Regulatory Commission.