Qian Jiang Water Resources Development Co.,Ltd announced that it has signed a share subscription agreement for a private placement of not more than 105,898,727 A shares for gross proceeds of not more than CNY 751,807,500 on December 22, 2023. The transaction will include participation from not more than 35 investors, including China Water Investment Co., Ltd., who will subscribe to 25% of the issuance. At present, China Water Investment Co., Ltd. directly holds 33.55% stake.

The issue price will not less than 80% of the average price in the 20 trading days before the pricing reference date. The securities issued to returning investor China Water Investment Co.,Ltd. is subject to 36 months hold period and securities issued to for other investors are subject to hold period of 6 months from the date of closing. The transaction has been approved by the board of directors of the company at its 3rd extraordinary meeting of the 8th Directorate, and the 1st meeting of the 8th supervisory board.

The transaction is subject to the approvals of the shareholders of the company, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.