Beijing Urban-Rural Commercial (Group) Co.,Ltd. announced a private placement transaction of not more than 95,041,484 Class A common shares to be issued at CNY 16.80 per share for gross proceeds of not more CNY 1,596,696,931 on October 19, 2021. The transaction will include participation from returning investor Beijing State-owned Capital Operation and Management Company Limited. The investor has committed to a lock up period of 12 months.

Issue price for the shares to be issued in the private placement shall not be lower than 80% of the average stock price 20 trading days before the pricing reference date. The securities to be issued in the transaction will have a lock-up period of thirty-six months after issuance completion date. The transaction has been approved by the twentieth meeting of the ninth board of directors of the company and pre-approval of Beijing SASAC.

The transaction is subject to approval from the state-owned assets supervision and administration department, the Beijing State-owned Assets Supervision and Administration Commission needs to approve the transaction plan, the general meeting of shareholders of the company needs to deliberate and approve the transaction plan, the anti-monopoly authority needs to approve the review of the concentration of business operators involved in the transaction, the China Securities Regulatory Commission needs to approve the transaction and other necessary pre-approval, approval or consent required by laws, regulations and regulatory authorities.