Xi'an ChenXi Aviation Technology Corp., Ltd. announced a private placement of not more than 49,509,859 A Shares Pre-Plan for gross proceeds of not more than CNY 205,516,600 on July 30, 2023. The transaction will include participation from not more than 35 investors. The issue price is not less than 80% of the average price in the 20 trading days before the pricing reference date.

The transaction has been approved at 12th Meeting of the 4th Directorate, 2022 Annual General Shareholders Meeting. The transaction is subject to approval Shenzhen Stock Exchange, China Securities Regulatory Commission. The securities to be issued in the transaction will be subject to a 6 month hold period from date of issuance.