Hangzhou Raycloud Technology Co., Ltd. announced a private placement of not more than 120,300,000 common shares for gross proceeds of not more than CNY 200,000,000 on June 1, 2022. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date.

The shares issued must not be transferred within 6 months from the issuance closing date. The transaction has been approved at the 31st meeting of the 2nd directorate and at the 24th Meeting of the 2nd Supervisory Board, and still needs to be approved by Shanghai Stock Exchange and the China Securities Regulatory Commission.