Hwa Create Corporation announced a private placement of up to 184,265,100 A shares for gross proceeds of up to CNY 330,000,000 on December 1, 2020. The transaction will include participation from not more than 35 specific investors. The price of the shares to be issued is no less than 80% of the average price of the company's stock trading on the 20 trading days before the pricing base date.

The transaction has been reviewed and approved at the fourth meeting of the company's fifth board of directors, and it can only be implemented after the company's shareholders' meeting deliberated and approved, Shenzhen Stock Exchange reviewed and approved and registered with the China Securities Regulatory Commission. The shares shall not be listed for trading within 6 months from the end of the issuance.