Xiangcai Co.,Ltd announced a private placement of 5 year convertible corporate bonds convertible into A shares for the gross proceeds of not more than CNY 1,200,000,000 on April 12, 2024. The bonds are convertible at a conversion price of not lower than the closing price of the target shares in 1 trading day before the prospectus announcement date and average closing price in 20 trading days. The transaction has been approved in the 2nd meeting of the 10th board of directors and still needs to be submitted to the shareholders?

meeting for deliberation.