China Ecotourism Group Limited announced that it entered into the subscription agreement, pursuant to which the company agreed to allot and 43,750,000 new consolidated shares at the subscription price of HKD 0.80 per share for total gross proceeds of HKD 35,000,000 on December 8, 2022. The closing of the transaction is conditional upon, among other things, the approval of the shareholders at the SGM and the share consolidation having become effective and the dealing in the consolidated shares having commenced.