Shandong Daye Co., Ltd. announced a private placement of A shares not more than 86,943,653 shares for the gross proceeds of CNY 600,000,000 on February 16, 2023. the company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from no more than 35 investors.

he shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the shareholder's of the company in the 26th meeting of the company?s 4th directorate.