Zhejiang Jack Smart Sewing Technology Co., Ltd. announced a private placement of common shares for gross proceeds of CNY 600,000,000 on August 31, 2022. Out o the proceeds, CNY 520,000,000 is included in the registration capital, CNY 80,000,000 is included in the capital reserve. After the capital increase is completed, the registered capital of company will be changed to CNY 1,000,000,000 and the capital reserve will be changed to CNY 80,000,000.

The transaction will include participation from returning investor, Jack Technology Co.,Ltd. The transaction has been approved by the board of the company in its thirty-third meeting of the fifth board of directors and the twenty-fifth meeting of the fifth board of supervisors.