Baoxiniao Holding Co., Ltd. announced that it has entered into a subscription agreement of common share (A share) of 272,445,820 Shares at a price of CNY 3.23 per share for the gross proceeds of CNY 880,000,000 on May 10, 2021. The transaction included participation from returning investor Wu Zhize and other investors. The company announced that the shares subscribed must not be transferred within 36 months after the issuance completion date. The transaction was approved by the 7th directorate at the 12th session of the company. The transaction is subject to approval from company’s shareholders’ meeting and CSRC.