China Tourism And Culture Investment Group Co.,Ltd announced a private placement to issue A shares Not more than 162,456,800 at issue price CNY 1 per share for gross proceeds for CNY 162,456,800 on June 1, 2023. The transaction included the participation from not more than 35 investors. The issue price is not lower than 80% of the company's stock trading average price in the 20 trading days prior to the pricing base date. The number of issued shares does not exceed 30% of the total share capital before the issuance in the transaction. The shares will lock up period for 6 months.

On same date, The transaction still needs to be approved by Jiangxi Provincial State-owned Assets Supervision and Administration Commission, Shanghai Stock Exchange and registered by the China Securities Regulatory Commission.

On September 7, 2023, the company announced that the transaction has been approved by the company's Asset Restructuring issued Jiangxi Provincial State-owned Asset Commission.