Sundiro Holding Co., Ltd announced that it has entered into share subscription agreement for a private placement of not more than 231,213,872 shares of class A at an issue price CNY 1.73 per share for gross proceeds of not more than CNY 399,999,998.56 on September 13, 2021. The transaction will include participation from returning investor Dalian Hesheng Holding Group Co., Ltd. Post the closing, the investor will hold 32.44% stake in the company. The shares cannot be transferred within 36 months from the issuance closing date. The transaction has been approved in the 5th Meeting of the Company’s 10th Directorate and the 5th Meeting of the 10th Supervisory Board of the Company and is subject to the approvals of the company’s shareholders and the China Securities Regulatory Commission.