Xi'an Renrenle Commodity Distribution Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 70 million on September 2, 2022. The transaction will include participation from returning investor, Renrenle Commercial Group Co.,Ltd. which will retain its stake of 100% in the company. After the capital increase, the registered capital of the company will increase from CNY 30 million to CNY 100 million.

The transaction has been approved by the board of directors in its twenty-sixth (temporary) meeting of the fifth session of the Board of Directors.