Hengfeng Information Technology Co., Ltd. announced a private placement of not more than 49,338,895 A shares for gross proceeds of not more than CNY 503,271,800 on August 17, 2023. The transaction will include participation from not more than 35 investors. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction has been approved in the 27th meeting of the company?s 3rd directorate of the company, and is subject to the approvals of the company?s shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.