East Asia Holdings Investment Limited announced a private placement of 32,872,221 common shares at the price of KRW 216 per share for gross proceeds of KRW 7,100,399,736 on July 16, 2021. The transaction will include participation from Ding Changwei for 17,979,323 shares, Shen Biqin for 14,892,898 shares. The company will issue shares through third party allocation method. The shares will be locked up for a period of one year. The transaction has been approved by board of directors of the company. The payment date for the transaction is July 26, 2021. All the securites issued in the transaction have a lock up period of 1 year.