Shenzhen Grandland Group Co., Ltd. announced a private placement of not more than 461,183,897 A shares for gross proceeds of not more than CNY 1,350,000,000 on April 26, 2021. The transaction will include participation from not more than 35 investors. The company will issue shares at a price not less than 80% of the average price of its shares trading on the 20 trading days prior to the first day of the issuance. All shares to be issued cannot be transferred for a period of 6 months. The transaction has been approved in the third meeting of the fifth board of directors of the company and is subject to approval in company's general meeting of shareholders, and approval from the China Securities Regulatory Commission.