Zhejiang MTCN Technology Co.,Ltd. announced a private placement of not more than 10,101,788 shares for gross proceeds of not more than CNY 500,000,000 on December 9, 2022. The transaction will include participation from not more than 35 investors. 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 by the board of directors in eighteenth meeting of the third board of directors of the company. The transaction still needs to be approved by the company's general meeting of shareholders and approved by the China Securities Regulatory Commission before it can be implemented. The lock-up period is 6 months.

The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting.