Guangdong Aofei Data Technology Co., Ltd. announced a private placement of not more than 103,044,056 A shares for gross proceeds of not more than CNY 1,300,000,000 on July 28, 2022. The transaction included participation from not more than 35 special investors. The lock-up period is 6 months. The resolution of this issuance is valid for 12 months from the date of deliberation and approval by the company's shareholders meeting. The transaction has been approved at the 29th meeting of the company's third board of directors, and still needs to be reviewed and approved by the company's general meeting of shareholders, the Shenzhen Stock Exchange and by the China Securities Regulatory Commission.

On September 20, 2022. the transaction got accepted by the Shenzhen Stock Exchange. The transaction is still subject to approval from China Securities Regulatory Commission.