Jinhong Fashion Group Co., Ltd. announced a private placement of not exceeding 74,997,316 A shares for gross proceeds not exceeding CNY 610,878,800 on May 27, 2020. The issue price will not be less than 80% of the average price of the company's stocks 20 trading days before the pricing base date. The transaction will not include include more than 35 specific investors.

The shares are subject to a hold period of 6 months. The transaction has been approved at the 9th meeting of the 4th supervisory committee and board of directors meeting and is subject to approval at the shareholders' meeting and from the China Securities Regulatory Commission.