Guizhou RedStar Developing Co.,Ltd. announced that it has entered into share subscription agreement not more than 87,970,980 A shares pre-plan at an issue price for an aggregate gross proceeds of not more than CNY 580,000,000 on October 31, 2022. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35, including Qingdao Redstar Chemical Group Company Ltd. The shares to be issued shall have a hold period of 18 months and 6 months for Qingdao Redstar Chemical Group Company Ltd and other investors respectively.

The transaction has been approved at the 10th meeting of the 8th supervisory board of the company. The transaction is still subject to the approvals of the company?s shareholders, the State-owned Assets Supervision and Administration, and the China Securities Regulatory Commission.