Baosheng Changfei Offshore Engineering Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 750,000,000 on December 13, 2021. The transaction will include participation from returning investor, Baosheng Science and Technology Innovation Co.,Ltd. for CNY 225,000,000, and Changfei Optical Fiber & Cable Co., Ltd. for CNY 525,000,000. Post the transaction, the registered capital if the company will increase from CNY 100,000,000 to CNY 850,000,000.

The transaction has been approved in the 26th meeting of the seventh board of directors of Baosheng Science and Technology Innovation Co.,Ltd. and does not need to be submitted to the general meeting of shareholders for deliberation. Post the transaction, Baosheng Science and Technology Innovation Co.,Ltd. will hold 30% stake and Changfei Optical Fiber & Cable Co., Ltd. will hold 70% stake in the company.