Fujian Zitian Media Technology Co., Ltd. entered into an acquisition of asset through share issuance and cash payment agreement for the private placement of 42,420,812 A shares at an issue price of CNY 17.680 per share for gross proceeds of not more than CNY 750,000,000 on June 20, 2022. The transaction will include participation from new investors, Xinyu Bazhong Technology Co., Ltd., Hainan Jianjun Technology Co., Ltd., Hainan Boxin Technology Co., Ltd, Hainan Zijing Technology Co., Ltd. for 10,605,203 shares each. The shares cannot be transferred within 18 months from the issuance closing date.

The transaction is approved at 21st meeting of the company's 4th directorate and is subject to approval from the company's shareholders, Shenzhen Stock Exchange, and China Securities Regulatory Commission.