Goody Science & Technology Co.,Ltd announced that it has signed a share subscription agreement to issue a private placement of not more than 165,888,000 common shares at a price of CNY 2.82 per share for gross proceeds of up to CNY 467,800,000 on December 29, 2021. The transaction will include participation from Wanyang Group Co., Ltd. for 23.08% stake. All securities issued will be subject to a hold period of 18 months from the date of issuance.

The transaction has been approved at the 10th meeting of the company's 4th directorate, and is subject to approval from shareholders of the company and the China Securities Regulatory Commission.