Shanghai, December 6, 2024 /PR Newswire/ -- Shanghai Jinxin Network Technology Co., Ltd. (hereinafter referred to as "the company" or "Jinxin"), an innovative digital content provider in china, today announced the pricing of its initial public offering of 1,250,000 American Depositary Shares ("ADS"), with an issuance price of $4.00 per ADS. Each ADS represents 18 shares of common stock of the company. The company's ADS has been approved for listing on the nasdaq capital markets and is expected to begin trading on December 6, 2024, Eastern Time, under the ticker symbol "NAMI".

The total fundraising amount for this issuance is expected to be $5 million, not including underwriting discounts and related expenses. In addition, the company has granted the underwriters a 60-day over-allotment option to purchase up to an additional 187,500 ADS at the public offering price (less the underwriting discount commission). According to customary closing conditions, this issuance is expected to be completed by December 9, 2024, Eastern Time.

The funds raised from this issuance will be used for the following purposes: (1) product and content development; (2) sales and marketing as well as brand promotion; (3) hiring experienced talent; and (4) general corporate purposes and potential strategic investments and mergers and acquisitions to further enhance the company's technology capabilities and overall ecosystem.

The representatives of the underwriters for this issuance are Craft Capital Management LLC and Weipeng Capital, with R. F. Lafferty & Co., Inc. also participating in the underwriting work (collectively referred to as "the underwriters"). K&L Gates LLP serves as the issuer's legal counsel, and Hogan Lovells US LLP serves as the underwriters' legal counsel.

The application registration forms related to this issuance (filing numbers: 333-273884 and 333-278897) have been submitted to the usa Securities and Exchange Commission ("SEC"), and will become effective on September 30, 2024, eastern time in the usa. This issuance is conducted solely through the prospectus. A copy of the final prospectus regarding this issuance can be obtained as follows: Craft Capital Management LLC, located at: 377 Oak St, Lower Concourse, Garden City, NY 11530, email: info@craftcm.com, phone: +1 800-550-8411; or Wei Peng Capital, located at: 1800 Century Park East, Suite 220, Los Angeles, CA 90067, email: jstern@wpcapital.com, phone: +1-310-843-9300; or R.F. Lafferty & Co., Inc., located at: 40 Wall Street, 27th Floor, New York, NY 10005, email: info@rflafferty.com, phone: +1-212-293-9090. Additionally, an electronic copy of the prospectus regarding the issuance can also be obtained from the SEC website (www.sec.gov).

Before making an investment, it is advisable to read the prospectus and other documents that the company has submitted or will submit to the SEC for more information about the company and the issuance. This press release does not constitute an offer to sell or an invitation to buy; if any state or jurisdiction's securities laws prohibit such offers, invitations, or sales prior to registration or qualification, such offers, invitations, or sales are illegal and such securities may not be sold in those states or jurisdictions.

About Shanghai Jin Xin Network Technology Co., Ltd.

Jin Xin Technology Holding Company is headquartered in shanghai, china, and is an innovative digital content provider. Leveraging advanced AI, AR, VR, and digital human technologies, and through its own platforms and content distribution channels with partners, it is dedicated to delivering high-quality digital content services to users. According to a market report published by Frost & Sullivan, in 2022, Jin Xin was the largest digital textbook platform in china by revenue scale, with a market share of 12.7%. The company currently primarily targets K-9 grade students in china, focusing on providing them with digital and comprehensive education content, and plans to further expand services to offer high-quality and engaging digital content to users of other age groups. The company collaborates with leading textbook publishers in china to provide digital versions of mainstream textbooks, helping elementary and junior high school students learn better. The company utilizes AI-generated content technology to provide an interactive, intelligent, and entertaining learning experience. Key content distribution channels include: (1) the company's flagship learning app Namibox; (2) telecom and broadcasting operators; and (3) third-party devices that incorporate the company's content. For more information, please visit the company website:.

Forward-looking statements

This press release contains forward-looking statements, including but not limited to this offering. These forward-looking statements involve known and unknown risks and uncertainties, based on the company's expectations and predictions about future events. The company believes these events may affect its financial condition, operating performance, business strategy, and financial needs, including expectations regarding this offering. Investors can identify many (but not all) forward-looking statements through the use of words such as 'may', 'will', 'expect', 'plan', 'goal', 'estimate', 'intend', 'believe', 'potential', and similar terms in the prospectus. Except as required by law, the company has no obligation to publicly update or revise any forward-looking statements to reflect subsequent events or circumstances, or changes in the company's expectations. Although the company believes these expectations in its forward-looking statements are reasonable, it cannot guarantee that any expectations will be realized. The company reminds investors that actual results may differ materially from those anticipated, and it is advised that investors review the registration statements and other documents filed with the SEC for other factors that may affect the company's future results.

For more details, please inquire:

Shanghai Jinxin Network Technology Co., Ltd.

Investor Relations Department
Email: ir@namibox.com

Ascent Investor Relations Company

Tina Xiao
Phone: +1-646-932-7242
Email: investors@ascent-ir.com