Shandong Nanshan Fashion Sci-Tech Co., Ltd. announced a private placement of common shares for the gross proceeds of CNY 1,000,000,000 on November 28, 2023. The shares cannot be transferred within 6 months from the issuance closing date. The transaction will include participation from no more than 35 investors.

The shares will be issued no less than 80% of the average price in the 20 trading days before the pricing reference date. The transaction has been approved by the 20th Meeting of the Company?s 2nd Directorate, and is subject to the approvals of the Company?s Shareholders, the Shenzhen Stock Exchange, and the China Securities Regulatory Commission.