Beijing SOJO Electric Co., Ltd. announced a private placement of not more than 81,521,739 A shares common shares for gross proceeds of not more than CNY 300,000,000 on May 16, 2022. The transaction is approved by the company in its fifth meeting of the Company's fifth board of directors. The transaction included participation from Zhao Zhihong and specific investors.

The share price is not lower than 80% of average stock trading price in 20 trading days prior to the base date of pricing. The investor shall not transfer the shares subscribed in this issuance for a period of 18 months from the completion of issuance. The transaction is subject to the approval of the shareholders of the company, Shenzhen Stock Exchange and the China Securities Regulatory Commission.

The company singed agreement with investor. The shares issued are not more than 30% of the company's total capital before this private placement.