Jiangsu Zhongnan Construction Group Co., Ltd. announced a private placement of not more than 1,147,967,670 common shares for the gross proceeds of not more than CNY 2,800,000,000 on January 5, 2023. The transaction will include participation from no more than 35 specific investors. The shares issued have the hold period of six months from the date of issuance.

The transaction has been approved by the company at the 32nd meeting of the eighth session of the board of directors and is subject to the approval of the company's general meeting of shareholders and the China Securities Regulatory Commission.