WG TECH (Jiang Xi) Co., Ltd. announced that it has signed a subscription agreement for a private placement of not more than 15,262,100 Class A common shares to be issued at CNY 15.07 per share for gross proceeds of not more CNY 229,999,847 on December 13, 2021. The transaction will include participation from Yi Weihua for 12.47% of the total share capital before the issuance and does not exceed 30% of the company's total share capital before the issuance. The pricing reference date will be the first day of issuance.

Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days before the pricing reference date. The securities to be issued in the transaction will have a lock-up period of 36 months after issuance completion date. The transaction is subject to approval from the company's shareholders and from China Securities Regulatory Commission.