Eastern Pioneer Driving School Co., Ltd announced a private placement of not more than 181,959,225 A shares for gross proceeds not more than CNY 1,570,082,000 on December 3, 2021. The share will issue at an issue price not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period. The transaction will include participation from not more than 35 special investors. The transaction has been approved in the twenty-fourth meeting of the fourth board of directors and the 23rd Meeting of the Fourth Board of Supervisors and is subject to approval of the company's shareholders meeting, and the China Securities Regulatory Commission. The securities to be issued are subject to a hold period of six months.