Guangdong Golden Dragon Development Inc announced a private placement of not more than 264,000,000 shares at a price of CNY 12.17 per share for gross proceeds of not more than CNY 3,212,880,000 on July 1, 2022. The transaction will include participation from returning individual investor Zhu Fenglian. The shares cannot be transferred within 18 months from the issuance closing date.

The transaction was approved at its Twelfth (Provisional) Meeting of the Ninth Board of Directors. The transaction is subject to the approvals of the shareholders meeting and the China Securities Regulatory Commission. The company and investor signed share subscription agreement in the transaction.