Friend Co.,Ltd. announced a private placement of not more than 130,500,000 A shares for gross proceeds of not more than CNY 650,000,000 on November 15, 2021. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The shares cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 13th meeting of the company?s 2nd directorate, and is subject to the approvals of its shareholders and the China Securities Regulatory Commission.