Guangdong Kingshine Electronic Technology Co.,Ltd. announced a private placement transaction of not more than 15,000,000 A Shares at a price of CNY 10 per share for total gross proceeds of not more than CNY 150,000,000 on May 18, 2022. The transaction will include participation from not more than 35 designated investors. The issue price for the shares to be issued in the private placement shall not be less than 80% of the average stock price 20 trading days before the pricing reference date.

The securities to be issued in the transaction will have a lock-up period of six months after issuance completion date. The transaction has been approved in the first meeting of the second Directorate of the board of directors, first meeting of the second Supervisory Board and approved by the shareholders in Annual General Shareholders Meeting of 2021. The transaction is subject to approval from Shenzhen Stock Exchange and the China Securities Regulatory Commission.