HaiNan Yedao (Group) Co., Ltd. announced a private placement of 81,000,000 common shares at an issue price of CNY 8.08 per share for a gross proceeds of not more than CNY 654,480,000 on November 26, 2022. The transaction will include participation from Hainan Xintang Trading Partnership Enterprise (Limited Partnership) for 81,000,000 common shares. The shares cannot be transferred within 6 months from the issuance closing date.

The transaction was approved by the board of directors in the 13th Meeting of the Company?s 8th Directorate and the 8th Meeting of the 8th Supervisory Board. The transaction is subjected to the approvals of the company?s shareholders and the China Securities Regulatory Commission.