Hotai Insurance Co., Ltd. announced that it will issue not more than 450,000,000 common shares on April 7, 2023. The transaction will include participation from returning investor, Hotai Motor Co.,Ltd. The company will issue share within one year. Actual issue price will be determination by the board of directors after the annual general shareholders meeting in 2023.

The shares to be issued under the transaction are subject to a share transfer restriction for a period of three years. The transaction has been approved by the board of directors of investor.