Jiangsu Zhongchao Hangyu Precision Casting Technology Co., Ltd. announced that it will issue 425,000,000 common shares at issue price of CNY 2 per share for gross proceeds of CNY 850,000,000 on June 27, 2023. The transaction will include participation from new investor Jiangsu Zhongchao Holding Co., Ltd. The transaction is approved by the company?s fifth directorate during its 40th meeting, and approved by the company?s 5th supervisory board during its 16th meeting held on the same date. The transaction is subject to approval by the company?s shareholders?

meeting. The investor will add CNY 425,000,000 as registered capital, and CNY 425,000,000 as capital reserve.