Shennan Circuit Company Limited announced that it has entered into subscription agreement for private placement of not more than 146,762,481 A shares for gross proceeds of not more than CNY 2,550,000,000 on July 29, 2021. The transaction will include participation from not more than 35 specific investors including AVIC Capital Industry Investment Co., Ltd. The issue price will not be less than 80% of the average price during the 20 trading days prior to the pricing base date. AVIC Capital Industry Investment Co., Ltd. will subscribe for shares worth CNY 150,000,000 and will not be transferred within 18 months after the issuance. The shares subscribed by other investors will not be transferred within 6 months after the issuance.