Guangdong Wanlima Industry Co.,Ltd. announced a private placement of A shares for gross proceeds of not more than CNY 637,037,700 on January 11, 2021. The transaction will include participation from not more than 35 investors. The issue price will not be less than 80% of the average price in the 20 trading days before the pricing reference date and the number of shares to be issued will not be more than 30% of total share capital.

The shares have a hold period of 6 months from the issuance closing date. The transaction has been approved in the 2nd meeting of the company's 3rd directorate, and is subject to the approvals of the company's shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.