LingNan Eco&Culture-Tourism Co.,Ltd. announced a private placement of not more than 416,670,000 A shares at an issue price of CNY 2.40 per share for gross proceeds of not more than CNY 1,000,008,000 on September 19, 2022. The transaction will include participation from Zhongshan Huaying Industrial Investment Partnership Enterprise (Limited Partnership). The securities issued in the transaction are subject to a lock-up period of 36 months.

The transaction is subject to approval from the company's shareholders and from China Securities Regulatory Commission. The transaction has been approved by the company's 48th meeting of the company's 4th directorate.