Bros Eastern Co.,Ltd announced a private placement of no more than 450,000,000 A shares for gross proceeds of no more than CNY 1,000,000,000 on July 5, 2021. The company will issue shares at a price of not lower than 80% of the market price of the company’s shares as of 20 previous days to the date of issue. The issuance price is calculated, and the number of the issuance does not exceed 30% of the company’s total share capital before the transaction. The transaction will include participation from no more than 35 specific investors. The transaction has been approved by the fifteenth meeting of the fourth board of directors of the company and must be reviewed and approved by the company’s general meeting of shareholders and approved by the China Securities Regulatory Commission before implementation. After the completion of this transaction, the Shanghai Stock Exchange and China Securities Depository and Clearing Co., Ltd. Shanghai Branch still need to apply for the issuance, registration and listing of shares. On November 19, 2021, the company has received acceptance from China Securities Regulatory Commission Administrative license application submitted by the company (Acceptance serial number: 213112). The transaction still needs to be approved by the China Securities Regulatory Commission before it can be implemented.