Xingmin Intelligent Transportation Systems (Group) Co., Ltd. announced that it has entered into an Share Subscription Agreement with Shenzhen Fengqi Investment Co., Ltd. for a private placement of not more than 186,171,120 A shares at a price of CNY 5.23 per share for gross proceeds of not more than CNY 973,674,958 on January 10, 2022. The shares cannot be transferred within 36 months from the issuance closing date. The transaction has been approved in the 27th Meeting of the Company's 5th Directorate, and is subject to the approvals of the Company's Shareholders and the China Securities Regulatory Commission.