Anhui Gourgen Traffic Construction Co.,Ltd. announced a private placement of not more than 171,875,000 A common shares at an issue price of CNY 6.40 per share for gross proceeds of not more than CNY 1,100,000,000 on October 10, 2022. The transaction will include participation from new investor Sunriver Holding Group Co., Ltd. The number of shares in this non-public offering does not exceed 30% of the company's total share capital before this transaction. The shares cannot be transferred within 18 months from the issuance closing date.

The transaction was approved at the twenty-seventh meeting of the second board of directors. The validity of the transaction is twelve months from the date of approval by the company's shareholders meeting. The transaction is subject to approval from shareholders of the company in its general meeting and approval from China Securities Regulatory Commission.