Nanfang Zhongjin Environment Co., Ltd. announced a private placement and signed Share Subscription Agreement to issue not more than 183,486,238 A shares at an issue price of CNY 2.18 per share for the gross proceeds of not more than CNY 399,999,999 on April 13, 2023. The transaction will include participation from returning investor Wuxi Public Utilities Industrial Group Co., Ltd. holds 414,639,391 shares and 21.56% stake in the company. The transaction has been approved in the 11th Meeting of the Company’s 5th Directorate and the 9th Meeting of the Company’s 5th Supervisory Board, and is subject to the approvals of the Company’s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.

The shares cannot be transferred within 36 months from the issuance closing date.