Shanghai Kai Kai Industry Company Limited announced a private placement to issue 25,200,000 A shares at an issue price of CNY 8.17 per shate for the gross proceeds of CNY 205,884,000 on May 20, 2024. The transaction will include participation from new investor Shanghai Kaikai (Group) Co., Ltd. The transaction has been approved approved by the state-funded enterprise Kaikai Group and the 18th meeting of the company?s 10th Directorate and still required to be approved by the competent state-owned assets supervision and administration department, reviewed and approved by the shareholders' meeting, reviewed and approved by the Shanghai Stock Exchange, and approved by the China Securities Regulatory Commission before registration can be implemented. The securities are not transferable within 36 months from the end of issuance