Suli Co., Ltd. announced a private placement of not more than 54,000,590 A Shares for gross proceeds of not more than CNY 600 million on June 5, 2023. The issuance price of this of stocks shall not be lower than 80% of the average stock trading price of the 20 trading days before the pricing base date. The transaction will include participation from not more than 35 specific investors which includes participation from individual investor Ms. Miao Jinfeng.

The number of shares issued to specific targets this time is the total amount of funds raised divided by the issue price of shares, and does not exceed 30.00% of the company's total share capital before this issuance, calculated on the basis of share capital as of March 31, 2023. After the completion of this issuance, the shares subscribed by Ms. Miao Jinfeng shall not be transferred within 18 months from the date of completion of this issuance, and the shares subscribed by other issuance investors must not be transferred within 6 months from the date of completion of issuance The transaction was approved in twelfth meeting of the company's fourth board of directors. The transaction is subjected to the approval of shareholders, the Shenzhen Stock Exchange, and China Securities Regulatory Commission.