Jiangsu Boamax Technologies Group Co., Ltd. announced a private placement of not more than 216,010,279 A Shares for the gross proceeds of not more than CNY 3000,000,000 on March 13, 2023. The transaction will include participation from 35 investors, including individual investor, Ma Wei. The lock-up period for Ma Wei, or the entities controlled by him is 18 months, for the rest of the investors is 6 months.

The transaction has been approved by the shareholder's of the company in 29th meeting of the 5th directorate of the company, and are subject to the approval of the company's shareholders meeting, Shenzhen Stock Exchange and the China Securities Regulatory Commission. The pricing base date of this non-public offering is the first day of the issue period, and the issue price is not less than 80% of the average price of the company's stocks 20 trading days before the first day of the issue period.