On May 9, 2023, the company amended the terms of the transaction, and the company announced a private placement for gross proceeds of not more than CNY 3,000,000,000. The issuance price of this of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction will include participation from not more than 35 specific investors, including China Structural Reform Fund II, a a fund managed by Chengtong Fund Management Co., Ltd., who will subscribe with not more than CNY 600,000,000.

The shares China State-Owned Enterprise Structural Adjustment Fund Phase II Co., Ltd. subscribes to cannot be transferred within 18 months from the issuance closing date, and the shares issued to other investors are subjected to 6 months hold period, from the issuance closing date. The transaction has been approved in the 29th meeting of the company’s 8th directorate and the 7th meeting of the company’s 9th directorate. The transaction is subjected to the approval of shareholders, Shenzhen Stock Exchange, China Securities Regulatory Commission, and Other Necessary Approvals.