Rightway Holdings Co.,ltd. announced a private placement to issue not more than 453,165,000 shares for gross proceeds of not more than CNY 800,000,000 on July 26, 2023. The company shall issue shares at a price not less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction will include participation from not more than 35 investors.

The shares to be issued shall have a hold period of 6 months from closing of the transaction. The transaction has been approved by the 3rd meeting of the company?s 11th directorate, and is subject to the approvals of the company?s Shareholders, the Shanghai Stock Exchange, and the China Securities Regulatory Commission.