Kaiyuan Education Technology Group Co., Ltd. entered into a Conditional Share Subscription Agreement for the private placement of not more than 81,800,000 A shares at an issue price of CNY 3.680 per share for gross proceeds of not more than CNY 301,024,000 on April 14, 2023. The transaction will include participation from new individual investor, Cai Zhihua for 81,800,000 shares. The transaction has been approved at the 40th session of the company's 4th directorate and the 36th session of the company's 4th supervisory board but still needs 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 for registration.

The securities shall not be transferred within 18 months from the date of completion of the issuance.