AVCON Information Technology Co., Ltd. announced that it has entered into Share Subscription Agreement with returning investor Zhihui Technology Investment (Shenzhen) Co., Ltd. and a private placement to issue 76,388,888 shares at an issue price of CNY 2.88 per share for the gross proceeds of CNY 219,999,997.44 on March 14, 2024. The transaction has been approved in the 28th (extraordinary) meeting of the fifth board of directors and the 26th (extraordinary) meeting of the fifth board of supervisors and need to be reviewed and approved by the company's shareholders' meeting, reviewed and approved by the Shenzhen Stock Exchange, and approved by the China Securities Regulatory Commission before registration can be implemented. The investor is subscribing all the shares.

The shares subscribed by the issuance subscribers shall not be transferred within 18 months from the date of completion of the issuance.