Guangzhou Echom Sci.&Tech.Co.,Ltd announced that it has entered into an subscription agreement to issue A shares for gross proceeds of CNY 857,400,000 on July 15, 2022. The transaction will include participation from 35 investor including Gaojin Fuheng Group Co., Ltd. The issue price shall not be lower than 80% of the average trading price of the company's stock in the 20 trading days prior to the pricing benchmark date. The transaction has been approved in the at the 30th meeting of the 5th Board of Directors of the company and is still subject to review and approval by the company's general meeting of shareholders and the approval of the China Securities Regulatory Commission.

The shares subscribed by Gaojin Fuheng Group Co., Ltd. shall be restricted for within 18 months from the date of the end of the offering and other investors within 6 months from the end of this offering.