AVIT Ltd. announced that it has entered into share subscription agreement of 61,965,000 shares for gross proceeds of not more than CNY 142,300,000 on August 11, 2021. The issue Price will not be less than 80% of the average price in the 20 trading days before the pricing reference date. The company will issue share not more than 15% of total share capital (413,100,000 shares). The transaction will include participation from not more than 35 investors, including Chen Kunjiang, who will subscribe with CNY 30,000,000- CNY 75,000,000. As of this announcement date, Chen Kunjiang holds 74,610,668 shares, 18.06% stake. The shares Chen Kunjiang subscribes to cannot be transferred within 18 months from the issuance closing date. The shares the other investors subscribe to cannot be transferred within 6 months from the issuance closing date. The transaction has been approved in the 11th Meeting of the company's 5th directorate, and is subject to the approvals of the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.

On September 28, 2021, the company announced that it has received "Notice on Acceptance of the transaction's Application Documents” (Acceptance [2021] No. 436) from Shenzhen Stock Exchange.