According to online reports, Nano Labs Ltd (Nasdaq: NA)(hereinafter referred to as Nano Labs), as China's leading provider of Web 3.0 infrastructure and product solutions, today announced that it has signed a convertible note subscription agreement (this agreement) with a number of investors. According to the agreement, Nano Labs agreed to issue and investors agreed to subscribe for convertible promissory notes (this note) with a total principal amount of US$500 million. The specific content of the agreement is that this note will mature 360 days from the issuance date, and the principal will not bear interest before maturity. During the life of the notes (within 360 days from the date of issue), the holder may choose to convert all or part of the notes into Class A ordinary shares (ordinary shares) of the Company. The initial conversion price is US$20 per common share, and the specific conversion price may be adjusted based on the terms of the note. If the notes are not converted early, the company will repay all outstanding principal on the maturity date. This note is an unsecured general debt obligation of the company. The transaction of this agreement must comply with regular transaction conditions. The company cannot guarantee that the transaction will be completed in whole or in part, and investors should not rely excessively on the information in this press release. Nano Labs also said that in the initial stage, Nano Labs plans to acquire $1 billion worth of BNB through convertible notes and private placement. In terms of long-term goals, Nano Labs plans to hold 5% to 10% of the total circulating supply of BNB.