Nanjing Baose Co., Ltd. announced a private placement transaction of not more than 42,504,200 A shares to be issued at a price of CNY 16.939502 per share for gross proceeds of not more CNY 720,000,000 on June 22, 2022. The transaction will include participation from not more than 35 designated investors. The issue price will not less than 80% of the average price in the 20 trading days before the pricing reference date.

The securities to be issued in the transaction will have a lock-up period of six months after issuance completion date. The transaction has been approved in the ninth meeting of the company's fifth directorate, the twelfth meeting of the fifth board of directors, the first extraordinary general meeting of shareholders in 2022, and the fifteenth meeting of the fifth board of directors pass. The transaction is subject to approval from the company's shareholders, from Authorized State-owned Assets Supervision and Administration Agency, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.