Shenzhen Kexin Communication Technologies Co.,Ltd announced that it has signed share subscription agreement for a private placement of not more than 62,400,000 A shares of par value, CNY 1 for gross proceeds of not more than 600,177,100 on August 19, 2022. The transaction will include participation from not more than 35 special investors, including Chen Dengzhi for not less than CNY 30,000,000. The pricing base date of this non-public offering 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 transaction has been approved at the 5th meeting of the 4th directorate of the company, and are subject to the approval of the company's shareholders meeting, Shenzhen Stock Exchange and the China Securities Regulatory Commission. The shares subscribed by Chen Dengzhi shall not be transferred within 18 months from the date of issuance, and the shares subscribed by other issuers shall not be transferred within 6 months from the date of issuance. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.

On November 7, 2022, the company announced that Shenzhen Stock Exchange decided to accept the application documents as complete.