Shanghai Xinzhi Industry Co., Ltd. announced a placement of common shares for gross proceeds of CNY 100,000,000 on April 17, 2023. The transaction included participation from returning investor, Xinzhi Group Co., Ltd. The transaction has been approved at the third meeting of the fifth board of directors and the third meeting of the fifth board of supervisors of Xinzhi Group Co., Ltd. and does not need to be submitted to the general meeting of shareholders for consideration. After the capital increase, the registered capital of the company will be increased from CNY 50,000,000 to CNY 150,000,000