SinoDaan Co., Ltd. entered into a share subscription agreement for the private placement of not more than 28,846,153 A shares at an issue price of CNY 10.40 per share for gross proceeds of not more than CNY 300,000,000 on May 31, 2023. The transaction will include participation from returning investor, Jinan Likong Disen Equity Investment Partnership (Limited Partnership) for 28,846,153 shares increasing its stake from 10.29% to 25.96%. The transaction has been approved in the 15th meeting of the 4th directorate and the 12th meeting of the 4th supervisory board, and is subject to the reporting and filing procedures of the superior competent unit or the competent state-owned assets supervision and management department and the approvals of the company's shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.

The securities are subject to a hold period of 36 months from the issuance closing date.