Wubo Technology Co., Ltd. announced that it will issue 449,290,593 common shares at a price CNY 3.46 per share for gross proceeds of CNY 1,554,545,452 on May 31, 2024. The transaction will include participation from new investor, Yankuang Energy Group Company Limited for 45% stake in the company. Among the total funding, CNY 448,768,004 will be included in the registered capital and CNY 1,105,777,451 will be included in the capital reserve.

Post-completion, the company will become holding subsidiary of Yankuang Energy Group Company Limited. This has been approved in the 8th meeting of the 9th Board of Directors of Yankuang Energy Group Company Limited. The transaction is within the decision-making authority of the Board of Directors and does not need to be submitted to the shareholders' meeting for deliberation.

Post-completion, The registered capital will be changed to CNY 997,262,231 and the paid-in capital will be CNY 997,262,231. The investor will pay the entire capital increase of CNY 1,554,545,455 to the company within fifteen working days from the date when the parties to the Agreement sign the written confirmation document. The State Administration for Market Regulation has issued a decision approving the antitrust review of the concentration of operators in this transaction.

The company's registered capital is CNY 449 million and CNY 1,106 million as capital reserve.