Beijing Xinleineng Technology Co., Ltd announced a private placement of not more than 70,000,000 A shares for gross proceeds of not more than CNY 1,580,576,800 on January 27, 2022. The company will include participation from not more than 35 investors. The issuance price will be not lower than 80% of the average price of the company's shares as of 20 trading days since issuance date.

The transaction has been approved by the board of directors of the company at its thirteenth meeting of the fifth directorate and is subject to shareholder and China Securities Regulatory Commission approvals. The securities to be issued will have a hold period.