Kyland Technology Co., Ltd. announced a private placement of not more than 25,000,000 shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date for gross proceeds of not more than CNY 160,000,000 on November 15, 2021. The transaction will include participation from not more than 35 investors. The transaction was approved in the 41st meeting of the company's 5th directorate meeting. The transaction is further subject to the approval of China Securities Regulatory Commission and Shenzhen Stock Exchange. The shares cannot be transferred within 6 months from the issuance closing date.

On December 13, 2021, the Shenzhen Stock Exchange accepted the application with respect to the transaction via Acceptance [2021] No. 504.