On March 21, 2022, Shandong Hiking International Co.,Ltd closed the transaction. The company issued 52,785,923 shares at a price of CNY 6.82 per share for gross proceeds of CNY 359,999,994.86 in the transaction. The transaction included participation from new investors JPMorgan Chase Bank, National Association for 5,865,102 shares for CNY 39,999,996 for 1.37% stake, Ke Yi for 5,543,988 shares for CNY 37,809,998 for 1.29% stake, Wang Liyang for 5,543,988 shares for CNY 37,809,998 for 1.29% stake, The Pacific Securities Co., Ltd., Investment Arm for 2,932,551 shares for CNY 19,999,998 for 0.68% stake, Xu Yulian for 2,932,551 shares for CNY 19,999,998 for 0.68% stake, Bory Oriental Value No.

19 Private Securities Investment Fund, a fund managed by Xiamen Bory Oriental Investment Management Co., Ltd. for 2,932,551 shares for CNY 19,999,998 for 0.68% stake, Nuode Asset Management Co., Ltd. for 8,152,492 shares for CNY 55,599,995 for 1.9% stake, Caitong Fund Management Co., Ltd. for 9,024,926 shares for CNY 61,549,995 for 2.10% stake, Fanyi Duo Strategy and Time Together No. 1 Private Securities Investment Fund, a fund managed by Qingdao Fanyi Asset Management Co., Ltd. for 2,932,551 shares for CNY 19,999,998 for 0.68% stake, Chen Beiwen for 2,932,551 shares for CNY 19,999,998 for 0.68% stake, Lexin Xingchen No. 1 Private Securities Investment Fund, a fund managed by Hangzhou Lexin Investment Management Co., Ltd. for 2,932,551 shares for CNY 19,999,998 for 0.68% stake and Li Tianhong for 1,060,121 shares for CNY 7,230,025.

The company paid CNY 11,639,319.82 as issuance expenses (which included CNY 9,056,603.77 for Underwriting and sponsor fees, CNY 943,396.20 for Audit and capital verification fees, CNY 981,513.66 for Legal fees and CNY 657,806.19 for Media disclosure and other fees) and received net proceeds of CNY 348,360,675.04 in the transaction.