Jiangsu Zhongchao Holding Co., Ltd. announced a private placement to issue not more than 380,400,000 A shares for the gross proceeds of up to CNY 1,210 million on June 27, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

The total number of shares subscribed by each specific investor and its related parties and persons acting in concert shall not be more than 63,400,000 shares. The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the shareholder's of the company by the company’s fifth directorate during its 40th meeting and is subject to approval by the company’s shareholders’ meeting, and is subject to approval by Shenzhen Stock Exchange and China Securities Regulatory Commission.