Jiangsu Yangdian Science & Technology Co. Ltd announced a private placement of not more than 21,000,000 shares for gross proceeds of not more than CNY 510,000,000 on November 24, 2022. The transaction will include participation from no more than 35 subscribers, who are legal persons, natural persons or other legal investment organizations that meet the conditions stipulated by the China Securities Regulatory Commission. The pricing base date for this issuance of stocks to specific targets is the first day of the issuance period, and the issue price shall not be lower than 80% of the company's average stock trading price in the 20 trading days prior to the pricing base date. The final issue price of this issue will be approved by the company's board of directors in accordance with the authorization of the company's general meeting of shareholders, after passing the review of the Shenzhen Stock Exchange and obtaining the registration approval of the China Securities Regulatory Commission. The final number of shares issued will be determined by the company?s board of directors according to the shareholders. The transaction has been reviewed and approved at the fifth meeting of the second board of directors, and still need to be reviewed and approved by the company's shareholders' meeting, reviewed by the Shenzhen Stock Exchange, China Securities Regulatory Commission. The securities to be issued in the transaction will be subject to a 6 month hold period from date of issuance.

On March 7, 2023, the company announced that the transaction has been accepted by the Shenzhen Stock Exchange for Acceptance [2023] No. 250.

On April 24, 2023, the transaction has been approved by the board of directors of the company.

On April 26, 2023, the Company received the ?About the Review Center?s Letter of Opinion on Jiangsu Yangdian Science & Technology Co., Ltd.?s Private Placement,? the Shenzhen Stock Exchange?s issuance and listing review agency having reviewed the Company?s private placement application documents, believes that the Company meets the issuance conditions, listing conditions and information disclosure requirements.