Shenzhen Baoming Technology Co.,Ltd. announced a private placement of not more than 41,388,285 A share for gross proceeds of not more than CNY 1,500,000,000 on March 1, 2021. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average trading price of the shares during the 20 trading days prior to the pricing base date.

The securities issued shall have a hold period of 6 months after the issuance completion date. The transaction has been approved at the 7th session of the company's 4th directorate. The transaction is still subject to approval from company's shareholders' meeting and China Securities Regulatory Commission.